Morningstar buys adviser software firm in Australia
Morningstar has agreed to acquire Australian adviser software firm AdviserLogic.
The investment research house has not disclosed the price paid, but the deal is already set to complete by the end of this month.
AdviserLogic recently launched a robo-advice platform, and also offers revenue management tools for advisers as well as a data aggregation to bring together feeds from platforms and fund managers for IFAs.
Co-founder Gundeep Sidhu is leaving the firm after the deal to “pursue outside interests”, and the other 80 AdviserLogic employees will join Morningstar when the firm is wound up.
Chief executive Daniel Gara says: “Our focus on the advice workflow has earned us a loyal client base with leading customer satisfaction scores. As part of Morningstar, AdviserLogic clients will benefit from additional investment and the depth and breadth of Morningstar’s capabilities.”
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