Capco extends hedge fund offerings with FundClear acquisition
Financial services consultancy Capco has acquired FundClear Solutions, a provider of managed services to hedge funds.
Financial terms of the deal were not disclosed. Following the acquisition, Capco is establishing a new business unit Capco Hedge Fund Services (CHFS), which will offer hedge funds a comprehensive hosted suite of front, middle and back office applications with full operations resources and support for individual hedge funds.
Simon Luhr and Gerry Buggy, co-founders of FundClear, have both joined Capco as Partners to lead the new business and to expand the company's existing consulting and managed services activities in the hedge fund sector.
'With the integration of FundClear and the expertise that Simon and Gerry bring to Capco, we are now in a position to offer both start-up and existing funds a compelling, scaleable outsourced alternative to building and maintaining their own operations and technical infrastructure,' says Gopi Chelliah, Executive Vice President at Capco. 'These new offerings neatly complement Capco's existing managed services offerings in reference data management and reconciliations management and integrate powerfully with our consulting expertise in operational excellence and hedge fund operations.'
The applications offered range from trade entry and flash P&L reporting to portfolio accounting, reconciliation, and risk management. Each will be backed by expert operations and technology personnel who will operate the service. Clients of the service will be able to select some or all of these modules based on their needs. CHFS will also provide a, transaction hub which will significant ly increase the efficiency of transactions between the hedge fund, its prime broker and fund administrator.
'I am delighted to be working with Capco and look forward to leveraging the company's excellent consulting and managed services capabilities to enhance fundamental part s of the FundClear offering,' says Luhr, who is now a partner of Capco. 'The combination of the two companies allows CHFS to offer an independent, robust and instiitutional-quality hosted infrastructure built to meet all investor due diligence requirements.'
Buggy, who is also now a Partner of Capco, adds: 'I believe that we now have a first class opportunity to claim a niche position in the market place. We are an independent, neutral provider bringing institutional quality' infrastructure and real-time applications to hedge funds on a managed service basis. '
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