New York, February 20, 2020 | Credit Suisse Asset Management’s NEXT Investors, a leading Fintech growth equity group, announced today the acquisition of the NorthPoint product suite and technology consulting practice from ACA Compliance Group (ACA), a leading global provider of governance, risk, and compliance advisory services and technology solutions. NorthPoint will be wholly-owned by a new business intelligence company, Portfolio BI. Jeremy Siegel will be appointed as CEO of Portfolio BI, effective immediately. ACA will retain its RegTech solutions, including ComplianceAlpha® and its Regulatory Reporting software, and ACA will partner with Portfolio BI to service mutual clients.
NorthPoint Solutions was founded in 2003 and acquired by ACA in 2014. The product suite includes mission-critical financial software and services to leading investment management firms. NorthPoint offers an Investment Management suite which includes an Order Management System (OMS), Portfolio Management, Data Warehouse, Security Master, and Price Master. NorthPoint also offers a full suite of professional services, and has provided solutions to over 150 investment managers.
Alan Freudenstein, Co-Head and Portfolio Manager of NEXT Investors at Credit Suisse Asset Management said, “We are pleased to welcome the NorthPoint team and Portfolio BI to NEXT Investors’ portfolio of companies. NorthPoint’s comprehensive product suite—spanning order management software to portfolio management —provides a differentiated offering to a growing client base that includes hedge funds, allocators and asset managers. We’re excited about the opportunity for growth in this vertical, as financial institutions continue to embrace new technology and tools to solve their operational and client needs.”
Raj Bakhru, Chief Innovation Officer at ACA said, "The NorthPoint product suite fits well within the vision and technology offered by Portfolio BI. As we continue to focus on ComplianceAlpha, our regulatory technology platform, we look forward to continuing a close relationship with Portfolio BI and plan to provide exemplary service to our mutual clients.”
Jeremy Siegel, who serves as CEO of LUX Fund Technology and Solutions, a business and technology solutions provider for the alternative asset industry, will concurrently lead Portfolio BI. Jeremy brings 24 years of experience in financial services with specific expertise in supporting hedge funds globally to grow their businesses through technology, operations and institutional systems.
Credit Suisse Asset Management's NEXT Investors identifies minority growth equity investment opportunities in private technology and services companies globally where the team has domain expertise and actionable edge. The team's portfolio comprises high-growth private businesses that interact with the financial services industry across sectors including Market Structure, Financial Technology, Enterprise Software, Data Analytics and Specialty Finance.
Canaccord Genuity acted as financial adviser to ACA. Lowenstein Sandler LLP represented ACA in connection with the transaction.
Press Contacts
Candice Sun, Credit Suisse, +1 (212) 325-8226, candice.sun@credit-suisse.com
Krissy Kennedy, ACA Compliance Group, +1 (857) 214-1740, kkennedy@acacompliancegroup.com
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 47,860 people. The registered shares (CSGN) of Credit Suisse AG's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
ACA Compliance Group
ACA Compliance Group (ACA) is a leading provider of governance, risk, and compliance advisory services and technology solutions. We partner with our clients to help them mitigate the regulatory, operational, and reputational risks associated with their business functions. Our clients include leading investment advisers, private fund managers, commodity trading advisors, investment companies, broker-dealers, and domestic and international banks. ACA is based in New York City and has offices in London, Hong Kong, and other U.S. cities.
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