The acquisition of InvestmentLink was completed on 10 May, Midwinter said in a statement.
InvestmentLink supplies platform transaction data on a next day basis, allowing a single-page view of the client, including managed funds, unit pricing, shares and cash products.
It contains over 4.4 million client accounts across more than 300 superannuation and managed funds with a total balance of over $40 billion – managed by 12,000 advisers for more than 200 dealer groups.
Midwinter managing director Julian Plummer will assume leadership as InvestmentLink managing director, while head of institutional growth Salvador Saiz will maintain key relationships with platforms and data feed clients.
Further, Midwinter co-founders James Murphy, Andrew McClelland and Mr Plummer have been appointed to the InvestmentLink board.
“Midwinter identified that the InvestmentLink data feed service will be a crucial component of the future advice landscape, given that the impending open banking legislation completely ignores superannuation products,” Mr Plummer said.
“Additionally, we have found many of our digital superannuation fund clients prefer not to implement any systems where their members are required to share credentials to banking portals.”
Mr Plummer also added that Midwinter identified several benefits for licensees for providing an integrated data feed service for their digital transformations.
“These benefits include providing a single-page view of the client and being able to recreate member statements across multiple platforms in real time,” he said.
Midwinter is not that great, reason why they have not taken market share. Shameless grab to desperately try to hold onto a market that is slipping away from them.
How is Midwinter compare with XPLAN and other softwares like Coin? Opinions?