Microgen Financial Systems and Touchstone Wealth Management are set to merge to become a provider of technology to the trust and corporate services market and meet the requirements of a rapidly evolving market.
Microgen and Touchstone will continue to operate as two separate divisions with investment and product development continuing in their core products, NavOne and 5Series.
As part of the merger, Keith Hale is joining as executive chairman to run the combined group.
Hale will work with both management teams on the combined strategy, oversee integration as well as drive business development.
He is the former CEO of Multifonds, a software provider in the fund administration sector.
The name of the new entity will be decided and announced in due course.
The combined workforce includes over 150 people, with offices in Jersey, Guernsey, Cyprus, Singapore, Australia and the UK.
Commenting on the merger and his appointment, Hale said: “I’m very excited to join the merged group of Touchstone and Microgen. The fiduciary, trust and corporate services market is now going through a similar change I have seen before in the mutual fund administration market.”
Robert Browning, CEO of Microgen, commented: “I am delighted about the latest development in the evolution of Microgen and would like to thank our investors at Silverfleet for supporting us in growing the business. I look forward to the merger with Touchstone and combining with their technology expertise to drive our shared future ambition.”
Peter Le Brocq, managing director of Touchstone Wealth Management, added: “I am thrilled about the prospects of the merger as it will give us the necessary scale needed to better service our clients. Together, we will have the structure and processes to drive immense innovation for our clients globally.”
.jpg)