Linedata acquires outsourcing firm QRMO
Linedata has expanded its outsourcing business into Asia with the acquisition of Quality Risk Management & Operations (QRMO), a provider of outsourced middle-office, shadow accounting and risk monitoring services to the asset management and securities industries.
QRMO was set up in 2006 and is based in Hong Kong. It services over 30 hedge funds, wealth management firms and retail funds with combined assets under management of $5 billion. Its 30 staff will move across to Linedata.
“This acquisition is part of a targeted, strategic plan for Linedata to develop an expansive geographic presence across key markets,” the company states.
It follows on from the acquisition of Gravitas, a US-based provider of middle office and technology services, in January 2017.
Anvaraly Jiva, founder and CEO of Linedata, describes QRMO as “an exciting and powerful addition to the Linedata business, particularly as more and more financial institutions look to outsource”.