LUX FTS and NorthPoint — two firms that Credit Suisse’s NEXT platform held stakes in — are merging under the Portfolio BI brand.
The newly combined entity will offer a front-to-back platform for order management, portfolio management, data management and reporting, according to a press announcement.
NEXT Investors, the fintech growth equity arm of Credit Suisse Asset Management, invested in LUX FTS in November 2017 and NorthPoint in February 2020.
“With the merger of LUX FTS and NorthPoint, Portfolio BI is able to provide a front-to-back, integrated solution for an expanded client base that now includes multi-asset class asset managers in addition to equity managers,” said Alan Freudenstein, co-head and portfolio manager of NEXT Investors. “The combined entity will also allow Portfolio BI to further scale its business through cross-selling opportunities, ultimately providing access to a larger addressable market.”
According to Jeremy Siegel, CEO of the newly formed Portfolio BI, the software offering will create value and streamline processes for buy-side managers. He had been the CEO of Lux Fund Technology and Solutions and became the head of Portfolio BI when Credit Suisse acquired NorthPoint from its parent ACA back in February.
The newly launched Portfolio BI solution set supports a wide range of asset and transaction types, strategies, third-party vendor data and workflows that firms require.
Credit Suisse’s NEXT Investors is focused on minority growth equity investment opportunities in private technology and services companies globally where the team has domain expertise and an actionable edge. The financial services industry sectors it invests in includes market structure, financial technology, enterprise software, data analytics and specialty finance.