The acquisition of InvestmentLink was completed on May 10, Midwinter said in a statement.
InvestmentLink provides next-day transaction data on the platform, enabling a single page view of the client, including managed funds, unit prices, stocks and cash products.
It contains more than 4.4 million client accounts across more than 300 retirement and managed funds with a total balance of more than $40 billion – managed by 12,000 advisors for more than 200 broker-dealer groups.
Midwinter Managing Director Julian Plummer will assume leadership of InvestmentLink, while Head of Institutional Growth Salvador Saiz will maintain key relationships with platforms and data feed clients.
Additionally, Midwinter co-founders James Murphy, Andrew McClelland and Mr. Plummer have been appointed to the InvestmentLink board of directors.
“Midwinter has identified that the InvestmentLink data feed service will be a crucial part of the future advice landscape, given that impending open banking legislation completely ignores pension products,” Mr Plummer said.
“Additionally, we have found that many of our digital superannuation clients prefer not to implement systems where their members are required to share their credentials with banking portals.”
Mr. Plummer also added that Midwinter has identified several benefits for licensees in providing an integrated data flow service for their digital transformations.
“These benefits include providing a single page view of the customer and the ability to recreate member statements across multiple platforms in real time,” he said.
