Separately managed account specialist Direct Portfolio has announced it will merge with administration systems provider Pentafin.
The move is designed to boost services to clients, financial advisers and investment managers, Pentafin chief executive Connie McKeage told InvestorDaily.
"Really we are looking at areas that better service industry funds in particular to help enhance [their] after-tax returns," McKeage said.
"We will also offer our existing clients' access to a broader range of value added services."
McKeage, who will head the merged business, did not reveal the price tag of the merger but said that it was a genuine partnership.
"It is a genuine partnership and both companies have brought an equal amount of intellectual property," she said.
Both firms are conducting due diligence and contract negotiations.
On March 24 it was confirmed that Direct Portfolio's chief executive John Aldersley departed the firm.
Aldersley will still contribute to the merged business, McKeage said.
"He has got a lot of history, he is a great entrepreneur and I personally work with him and look forward to him having some form of contribution to our business," she said.
