- Wealth management consultancy Alpha FMC acquired Axxsys and its subsidiaries, a consulting company incorporated in the United Kingdom for £9m.

The acquisition would extend the company’s reach in Europe and North America and bring 'highly complementary' service propositions and skillsets to the group, Alpha said.

Axxsys had provided specialised management consultancy and technology implementation services to the investment management industry since 2003, with expertise spanning portfolio management, performance and risk, sales and distribution, and the strategic implementation of data and technology system and particular expertise in the SimCorp investment management system.

'The acquisition extends Alpha's service offering to comprehensively cover the SimCorp platform, which is an integrated front-to-back portfolio management system, offers a cross-selling opportunity and strengthens Alpha's geographic footprint, particularly in the Nordics and Canada,' the company said.

The group acquired Axxsys for £9m cash in base consideration, payable in instalments over the two years following acquisition, plus an earn-out which may be become payable in cash after the third anniversary of completion.

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