InvestCloud Solutions will offer three new financial services products: Conifer iCon, a new portal that will aim to provide money managers with trading, prime brokerage, middle and back office and fund accounting services; InvestCloud Office aims to be a low-cost product for outsourcing middle and back office investment operations; InvestCloud Custom Solutions aims to provide services for money managers such as hedge funds, asset managers, multi-managers, funds of funds, pension funds, foundations and endowments.

"Our vision when creating InvestCloud was to bring the first cloud-based money management solution to market,” said John Wise, chief executive of InvestCloud.

“Our belief is that enterprise software for small to medium-sized investment managers will die as cost and complexity have become too much, and best of breed local deployment has proven too difficult to install and maintain. Through our cloud-based platform, our new offering will provide the functionality demanded by the industry at a third of the cost when compared to any similar enterprise software solution,” said Wise.

The joint venture is said to be the completion of Conifer Group’s three-year plan to re-engineer the business model by investing in technology that it believes will satisfy the data aggregation, analytics and reporting needs of the firm’s most sophisticated clientele, the CEO of the Conifer Group, Jack McDonald, said in a statement.