Roger Foster - founder of Financial Objects - and his son Stewart Foster (pictured), who was a board member and director of the Activebank division, launched a private equity firm called Third Financial Ventures last year.

They have now partnered Gary Linieres - former managing director of Financial Objects' wealth management division - and ex-Financial Objects CTO Peter Caddick to launch Third Financial Software.

Third Financial Software's flagship product - an investment management platform called Tercero - provides integrated investor relationship management (IRM), asset management and client reporting.

The company says it developed the Tercero platform after acquiring the intellectual property rights to a "new and innovative" investment management system in late 2007. This technology is already installed at several firms, including Tradition Asset Management.

The vendor has developed a customer relationship management platform specifically designed to meet the needs of the wealth and investment management market, which links seamlessly with Tercero. Clients reporting capabilities have also been added to the platform.

Third Financial says the entire platform will be monitored by a set of "user defined business rules" that will be delivered via an alert system.

Commenting on the product, Stewart Foster says: "The wealth and investment management industry has been going through a period of growth and profound change and will continue to expand over the coming years. The current crop of technology vendors servicing the community are not meeting the challenges the market now faces and we see a fantastic opportunity to deliver the next generation platform."