Welcome to CanadianHedgeWatch.com
Sunday, January 16, 2022

Fitch Group Completes Algorithmics Acquisition

Date: Thursday, January 27, 2005

By Terry Stanton, Managing Editor-NEW YORK (HedgeWorld.com)—Fitch Group has closed on its purchase of Algorithmics, a Toronto-based risk management firm. The terms of the transaction, with an acquisition price of US$175 million, are the same as those announced when the agreement for the deal was signed in December 2004. Through its 15 offices, Algorithmics serves financial institutions and asset managers globally, with more than 150 clients in 31 countries. Its flagship product is the Algo Suite of enterprise risk management solutions, with software for analysis of market risk, credit risk and operational risk. Fitch Group is the parent of Fitch Ratings, a global rating agency that provides credit markets with credit opinions. Fitch Group is owned by Paris-based Fimalac SA. "Together, Fitch and Algorithmics can further the technological development of enterprise risk management solutions, bringing them to a wider array of global organizations," said Steven W. Joynt, president and chief executive of Fitch, in a statement at the time the purchase agreement. "Additionally, the expertise of Algorithmics enhances Fitch's core ratings business by extending its quantitative capabilities." Michael Zerbs, president and chief operating officer of Algorithmics, said, "By teaming up with Fitch, we join an organization with a solid reputation for developing quality risk and credit analysis. We will continue to focus on producing the best-quality enterprise risk management solutions, solidifying our leading market position."