The Bank of New York will sell its European-based mutual fund software business to Australian company Bravura Solutions for $60.2 million, Crain's New York Business reports. Bravura is a software development company that serves pensions, life insurance and investment management firms throughout the world.

BONY originally bought the company, Rufus, from Royal Bank of Scotland in 1999 and expanded, with the help of Microsoft, it to serve 75 corporations running 1,500 mutual funds and supporting more than six million investors.

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