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The former CEO and chairman of Ascentric Hugo Thorman has assumed the position of the CEO of fintech start-up Seccl Technology.
Thorman had been occupying the CEO position at Ascentric from 2005 to December 2014, and served as a chairman the following six months.
Since October 2015 he was serving as the chairman at Altus, a specialist provider of financial consultancy services, but had to relinquish from this position in order to assume his role and prevent the conflict of interest.
The product will be available as ‘Software as a Service’ and is aimed at discretionary managers, stockbrokers, platforms and direct online providers, including robo-advisors.
The product includes client and adviser portals, integrations with custodians, an adviser back office provider, and an existing SIPP software provider.
Thorman said: “I met former colleague David Harvey who said he was building a new cloud-based dealing and settlement system and I thought this is something I really want to do.
“The current technologies are getting older, with some stockbroking systems still running on mainframes.
“Many providers and adviser firms remain frustrated by the limitations of current technology.”
He added: “The vision for Seccl is to reduce substantially the cost of trading and custody administration of both funds and stocks.
“Our plan is to automate many more of the key activities in the stockbroking and platform world, and utilise a suite of APIs to integrate with complementary technologies. We will make further announcements about our key partners shortly.”
David Harvey, founder of Seccl Technology, said: “Hugo’s track record in building successful propositions speaks for itself, and it is a testament to the thinking behind Seccl to have attracted such a high-profile figure to join the team.
“Hugo will provide the experience and leadership that will allow us to maximise the market opportunity our unique technology brings.”