Avelo

Australian technology business IRESS has reported an upswing in underlying profits of 27.7% after its UK operations benefited from a "strong demand" from advisers and wealth managers, the group has said.

The Office of Fair Trading (OFT) is expected to reach its conclusion on whether the merger of Australian data and software provider IRESS with technology provider Avelo would hinder competition in the market in February.

The Office of Fair Trading (OFT) is investigating whether the merger of adviser technology provider Avelo and Australian data and software provider IRESS is hindering competition in the market.

Financial services software provider Avelo will be brought under the IRESS brand from the 1st of November, following the acquisition of the business by IRESS in September.

APPY TIMES

Intrinsic is to bring to an end Positive Solutions advisers' use of software True Potential and migrate all advisers over to alternative software provider Avelo.

RELATIONSHIPS

Avelo's business development director Paul Yates has stepped down after four years in the role following the firm's acquisition by technology provider Iress.

PROTECTION

Australian data and software provider IRESS is set to acquire adviser technology provider Avelo for £210m.