IRESS, the Australian technology firm, has launched its wealth management division in the UK, having been chosen to supply its advisory products to Sesame Bankhall Group, the retail financial advice distributor.

The firms have entered “a long-term strategic supply agreement” under which IRESS supplies its XPLAN system, used as Sesame Bankhall’s new advice platform. Sesame Bankhall serves 12,000 direct and indirect advisors in the UK.

The UK division of IRESS has begun with a local management team comprising the directors of financial services consultancy, AT8 Group.

The development comes as the UK financial advice market is facing tougher regulations under the Retail Distribution Review, which comes into effect at the start of January 2013.

“The UK represents a strategic growth opportunity for IRESS and the opportunity to work with SBG to deliver a premier localised offering is unique and significant for both parties," said IRESS managing director, Andrew Walsh.

As reported earlier this week, Sesame Bankhall Group has teamed up with Henderson Global Investors to launch a new investment company aiming to help advisors create bespoke solutions for their clients. Optimum Investment Management is in the process of developing its own range of multi-asset, multi-manager investment products. They will be run as a team strategy with Tony Lanning, a director of Henderson’s multi-manager business, as lead manager and Helen Bradshaw as co-manager.

IRESS, set up in 1993, has 650 staff around the world in 14 offices.