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Friday, 24 February 2023 10:44
Fintech Iress commits to the UK
Fintech and back office system provider Iress said it is committed to maintaining its presence in the UK, despite recent media reports that suggested otherwise.
It said that it is focused on finding the right structure and conditions for success in the UK.
Iress chief executive, Marcus Price said: “Our focus is on configuring our UK business for success, doing more for our clients and improving the overall financial performance of the Group.
“Moreover, we are committed to accelerating improvements to our software and service for clients in the UK.”
Earlier this week in its annual results the Australian-based company flagged the “disappointing” performance of its UK business.
It said: “Iress’ UK & Europe business again delivered a disappointing result, with constant currency revenue growth of just 1%. While significant growth opportunities exist in the UK, the company needs to improve shareholder returns in that market.”
That prompted speculation that the firm is considering a UK exit under new boss Mr Price.
He started in the role last October after former chief executive Andrew Walsh announced his intention to retire last summer.
He said: “We are reviewing the best structures and approaches to deliver an outstanding experience for our UK clients.”
He said that means that Iress is increasingly open to collaborating with other companies to drive innovation and product development in the pursuit of delivering new levels of value and service.
He said: “We have a great business here, with excellent people and excellent clients—many of them at the heart of the financial services system. Our goal is to create the right conditions for success in this important market.”
Iress provides software to the financial services sector in a number of areas including trading and market data, financial advice, investment management, mortgages, superannuation, life & pensions and data intelligence. The firm has 2,250 staff worldwide and says its software is used by more than 10,000 businesses and 500,000 users globally.
Iress is known for Adviser Office but will cease support for the 30-year-old system in mid 2023. Instead it will focus on its cloud-based Xplan packages.
Mr Price said the business is committed to making Xplan the number one advice and wealth management software in the UK.
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