Fintech on Friday: Multrees’ mix and match approach to finding tech providers adds flexibility

Wealth managers are currently obsessed by one thing, says Chris Fisher, chief executive of investor services and custody provider Multrees, which employs 65 staff in Edinburgh and London. It’s not Brexit and it’s not interest rates or emerging markets. All they want to talk about is improving the digital experience for their clients. 

“The ability to deliver information through a digital platform has been the main thrust of most of our client projects,” says Mr Fisher, who spent much of his career with banks Brown Brothers Harriman and UBS, before setting up Multrees in 2011.

But there is an important differentiator between Multrees and its competitors, including private banks Pictet, Credit Suisse and Lombard Odier, and platform providers SEI and Northern Trust, as well as the broader universe of custody operators. Rather than partner with a single technology provider, Multrees shops around the software market and adopts a mix and match approach to fintech.

“A couple of years ago, I had to go out and buy an adaptive digital portal to wrap around various parts of our service,” recalls Mr Fisher. “I wanted it to feel seamless, but our clients cottoned onto the idea of an adaptive platform, which is very flexible and has the ability to add new widgets.”

This means wealth managers are no longer held back by obsolete technology, as happens when they do a one-off outsourcing deal with a tech provider. Multrees works with a handful of technology partners, including ISL, Babel Systems and Simcorp. “We combine component pieces of technology to deliver the overall experience. As new tech comes along, we can incorporate it onto the platform or replace components as new and better stuff comes along,” says Mr Fisher. “People thought we were nuts to start with, but not being tied to a single software shop gives us more flexibility.”

Installing a platform for an institutional client typically takes three months. Dealing particularly with private investment offices and portfolio managers running assets of between $5bn and $20bn, Multrees has created 10 different customised wealth management platforms, which can be further refined and branded for clients’ needs.

Clients include portfolio managers GAM and multi-family office Stonehage Fleming.

“Five years ago, we would have thought it will take us years to get here,” he admits. But the latest off-the-shelf technology allows relatively quick and efficient installation.

The best thing about this technology is that you don’t need to be a nerd to install it, with business line bosses able to manipulate the tool box as well as the techno-wizards. So is this the end of the line for new age geeks?