NorthPoint will be operated as a wholly-owned entity of a new business intelligence company Portfolio BI, and Jeremy Siegel will be appointed as its CEO


Credit Suisse's NEXT Investors buys NorthPoint Technology from ACA. (Credit: Pixabay/Gerd Altmann)

Credit Suisse Asset Management, through its fintech business NEXT Investors, has acquired the NorthPoint product suite and technology consulting practice from ACA Compliance Group (ACA), for an undisclosed amount.

NEXT Investors is engaged in identifying growth equity investment opportunities in private technology and services companies around the world.

ACA chief innovation officer Raj Bakhru 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.”

NorthPoint offers financial software and services to top investment management firms

The company said that NorthPoint will be operated as a wholly-owned entity of a new business intelligence company, dubbed Portfolio BI. Jeremy Siegel, who serves as CEO of LUX Fund Technology and Solutions, will be appointed as its CEO.

In addition, ACA will hold its RegTech solutions, comprising ComplianceAlpha and regulatory reporting software, while collaborating with Portfolio BI to service mutual clients.

ACA is engaged in providing governance, risk, and compliance advisory services and technology solutions, and has acquired NorthPoint Solutions in 2014.

NorthPoint offers an investment management suite that includes an order management system (OMS), portfolio management, data warehouse, security master, and price master, in addition to its full suite of professional services.

Canaccord Genuity served as financial advisor to ACA in the transaction.

Credit Suisse Asset Management NEXT Investors co-head and portfolio manager Alan Freudenstein 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.”