Charles Stanley, one of the UK’s largest wealth management firms with £24.4 billion in assets under management, has bought Red Deer's research management software. Red Deer is a financial technology company that specialises in servicing the needs of active investment managers.

The FinTech firm says that its software will enable Charles Stanley to seamlessly integrate compliance with the European Union's second Markets in Financial Instruments Directive throughout its investment process, while being better placed to fully understand the value of its research.

Freddy Horn of Charles Stanley said: “With Red Deer we can now more efficiently and effectively track research consumption, manage the risk of inducements, monitor budgets and assess value."

The software captures and attributes research consumption in all channels including email, chat and voice, giving buy-side firms an accurate view of their research value and preventing inducements occurring. Red Deer’s Outlook plugin and mobile application is designed to help firms comply with MiFID II quickly, with trifling disruptions to their investment processes. It helps them manage and allocate budgets at the fund, strategy or individual level and track contributions from hard and soft budgets, with alerts helping them to stick to their budgetary thresholds.

Red Deer's client base takes in some of the world’s largest hedge funds, asset managers and wealth management firms. Its three slogans are "miss nothing that matters," "turn data into decisions" and "stay ahead of regulation," all of which sound expensive. Charles Stanley traces its origins back to 1792 and has 800 people in 27 offices in the UK. Its services include investment portfolio management and financial planning, supported by in-house administration. Meanwhile, it has a direct-to-customer execution-only dealing platform for equities and funds.