Money management consultant MJ Hudson has acquired data and analytics firm Amaces, an MJ Hudson spokesman confirmed.
He said terms of the deal were not disclosed, but that MJ Hudson had purchased 100% of the business with support from new and existing investors. Amaces was owned by founders Aidan Dennis and James Economides.
Amaces provides tools and consulting services to help institutional investors benchmark and monitor the cost and quality of services they receive from custodian banks. It also provides foreign exchange transaction cost analysis services.
Messrs. Dennis and Economides will remain co-heads of the Amaces business within the MJ Hudson group. The spokesman said no reductions in staff are planned.
"As well as allowing us to provide new services to MJ Hudson's European customers, our decision to acquire the company, its software system and IP comes as we seek to further improve the support we provide to our North American clients and begin to grow our profile in the world's largest asset management market," MJ Hudson CEO Matthew Hudson said in a news release.
MJ Hudson advises on more than $10 trillion of assets and works with money managers, institutions and other financial services providers.