Ann: Leadership Changes, page-7

@Leveraged I would definitely agree that there is a big problem with MGPs current tech strategy of putting a frontend in front of the MGP and Linear back ends(that also have their own front ends) that also sit in front of SS&C and IRESS respectively. It will be a nightmare to manage and maintain yet another system. They'd be better off putting both systems in maintenance mode and reviewing how to consolidate everything. Maybe they pick an existing system they have and migrate everything across (as an aside, you mentioned you had concerns with MGPs and even more so Linear' technology, it'd be interesting to hear what your specific concerns were with both systems from a tech point of view) or select a new off the shelf system or rebuild from scratch but of course that will largely be dictated by budget and the will of the executive. As it stands now though, their current strategy is a very poor one IMO.
Having said all that, I'm not sure I agree that owning 100% of your tech is something that is required for success. Since the open source movement took off in software development, this is the only way that software has been developed. There is no point re-inventing the wheel just to have ownership over your own tech. You wouldn't build your own database, you wouldn't build your own framework to handle interactions with the users or build your own ORM to map data between you system and your database. You select one that already exists and performs the job for you. Even if the tech is proprietary that you are relying on, provided it has strong integration support then I can't see any reason why you wouldn't leverage off something that has already been built to add value on top of it. 
I agree with @NSD that I hope they can recruit a capable and experienced executive team with a strong technical presence (who heads up technology at this company now? I'm guessing thats part of the reason that the tech strategy is poor, they've either got no one or David Heather assumed the role) and a board that will allow the team to make positive progress. This company could really be a good story I think. Unfortunately it's not heading down that path.