The Citco Group of Companies (Citco) has expanded partnership with Solovis, a multi-asset class portfolio management, analytics and reporting platform for asset owners and allocators.
The strategic partnership with Solovis spans business, technology and services and includes an equity investment in Solovis. This relationship enhances the performance reporting and analytics services currently provided by Citco Institutional Services, the firm’s investment record-keeping and reporting team for institutional investors.
The expanded relationship builds upon the two firms’ existing partnership, in place for over a year, and extends the capabilities of the Citco Institutional Services business line, which was launched in June 2019 to offer new services optimised for the unique needs of pensions, endowments, OCIOs and family offices. The partnership has enabled the integration of Solovis with Citco’s Æxeo platform, providing clients with a full-service technology solution encompassing accounting, treasury and wire management alongside reporting and performance.
“Citco is one of the world’s leading asset servicers and therefore a natural partner for Solovis. Our work together over the past year has led to an increasing level of strategic business and product integration and a cohesive go-to-market strategy. Jointly, we will provide clients with a seamless multi-asset class data, reporting and servicing ecosystem, essentially enabling asset owners and allocators to outsource middle-to-back office functions,” says Josh Smith, co-founder and CEO of Solovis. “Citco’s investment in the company is a testament to the strength of our technology and will be valuable to us as we continue to grow Solovis and deliver on our vision of enabling a comprehensive solution ecosystem and being the go-to portfolio management platform for asset owners and allocators worldwide.”
Nick Eisenlau (pictured), Head of Citco Institutional Services, says: “Citco’s strategic business relationship with Solovis reflects a shared vision, providing multi-asset class, self-service reporting that will complement Citco’s core record keeping and operations environment. As institutions increasingly allocate to alternatives to diversify their portfolios and enhance downside protection, they require more sophisticated asset servicing models not offered by their traditional servicing relationships. Citco and Solovis have a rapidly expanding group of common clients that can now benefit from an improved operating model, service capacity and reporting capabilities.”
Citco is committed to providing holistic solutions that meet the increasingly complex operational needs of the alternative investment industry. The investment in Solovis is part of Citco’s wider strategy of partnering with and investing in leading third-party financial technology companies that provide complementary solutions to the firm’s current proprietary technology stack. Earlier this year Citco integrated S3’s BLACKLIGHT technology via its Æxeo Treasury platform and in 2018 led the Series A funding round for LightPoint Financial Technologies, a trading, risk and analytics technology provider.
