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Citco works with AWS to complete $1 trillion cloud migration in alternative investment sector

October 2021

NEW YORK, October 19, 2021 - The Citco group of companies (Citco) has completed the successful migration of $1 trillion worth of assets under administration (AUA) onto the newest version of Æxeo® running on Amazon Web Services (AWS), in one of the largest accounting transitions in history, and the largest within the alternative investment sector.

Citco, the global asset servicer to the alternative investment industry, has moved all its clients using Æxeo – its straight-through, proprietary front-to-back office solution – from its physical data centers to AWS over the past 18 months.

The move means all of Citco’s hedge fund and hybrid clients now have a secure cloud service, which streamlines the administration of their portfolios. In total, Citco has migrated more than 550 clients to AWS, including 10,000 accounts and some 1.2 billion orders.

The move to AWS gives Citco the ability to move to agile development of Æxeo for clients and as such will allow clients on Æxeo to leverage a variety of critical capabilities and services within the cloud-based Æxeo ecosystem.

Albert Bauer, Managing Director Citco Fund Services (USA) Inc, said: “We are delighted to have collaborated with AWS to complete this latest milestone for Citco’s clients, providing them with an integrated cloud solution. The migration of such a vast number of clients is a large undertaking for any business, and our success is testament to the hard work and dedication of our team in completing what has been a historic accomplishment.”

“The investment management industry is turning to AWS, leveraging our global infrastructure and proven capabilities to drive efficiency across their business, and deliver fast, reliable, and innovative services to clients at scale,” said John Kain, Worldwide Business & Market Development for Banking and Capital Markets, Amazon Web Services, Inc. “We are thrilled to support The Citco group of companies to complete one of the largest asset management migrations to date, and we look forward to collaborating on the next phase in their journey.”

This latest technological development from Citco follows numerous advancements across the business. This includes the creation of Æxeo Treasury™, Citco’s software-as-a-service (SaaS) offering. Æxeo Treasury is a born-in-the-cloud solution that gives alternative fund managers a state-of-the-art method of managing treasury functions through a SaaS tool running on AWS.

In 2016, the company also launched Citco Waterfall™, a ground-breaking, proprietary technology that has enabled private equity firms to efficiently calculate waterfall payments for limited and general partners on a standardized platform.

Last year Citco also unveiled its Data Services business, which enables fund managers to unlock insights for their investment and operational decisions.

The platform leverages cloud-based data resources to curate and present data of disparate systems in a unified manner.

Æxeo, which launched in 2002, allows clients of Citco to use a single database for all activities, including order capture, position and P&L reporting, and accounting. In June alone, clients on Æxeo ran 430,000 Active P&L reports, while Æxeo Reporter™ was run 1.4 million times.

Bauer added: “Technology is transforming the fund administration industry, and Citco will always strive to deliver the very best solutions for our clients as we look to support their businesses and ambitions.”

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