Citco named best provider of 'Fund Administration Technology' and 'Fund Administration Innovation' by The Drawdown for its Private Equity Service business
Andrew Stewart (Executive Vice-President, Private Equity) & Elaine Keegan (Head of PE, Europe) received the awards
Citco Group of Companies has been awarded the ‘Fund Administration Technology’ and ‘Fund Administration Innovation’ awards at the inaugural Private Equity Services Awards. The Private Equity Services Awards, organized by The Drawdown – a private equity industry magazine, recognizes those private equity service providers which have demonstrated exceptional client service, innovative product development and sustainable business growth over the past 12 months. Winners were picked by a panel of leading private equity CFOs, COOs, CCOs, GCs and CTOs who followed a rigorous judging process. Their assessment considered Citco’s client experience, innovation in product development and business growth.
“To win one award was great; to win a second was wonderful!” remarks Citco executive vice president Andrew Stewart. Citco’s continuous focus on technological innovation saw the fund administrator take home two awards within its category: Technology and Innovation. “The team is proud,” says Stewart. “It feels like we’ve been vindicated for our hard work. We’ve made a huge investment in technological innovation, as well as time and expertise. And that’s across all teams – not just the accounting and reporting; everyone’s work has helped in this achievement.”
Judges were impressed by Citco’s new offerings launched over the past 12 months including its Citco One business intelligence dashboard; automated ILPA reporting service and waterfall calculation engine. For the coming year, the firm hasn’t revealed plans on specific product launches, but is dedicated to ongoing development and improvement.
“Our main focus is looking at the way the industry is changing, and technology is a major draft in that. We’re committed to the best technological solutions and matching that with service and people. And that’s not necessarily about the best accounting and reporting systems – it’s about working with clients to lead the change,” explains Stewart.
For Stewart, the major challenges for today’s private equity market are ever-rising levels of dry powder coupled with a wider set of investors entering the asset class. “This means there is real pressure on CFOs and COOs and their teams trying to feed data and prepare it in different ways. It’s like having the same ingredients but preparing lots of different dishes.”
Stewart also notes the growing challenge arising in portfolio company operations. “Everyone wants that full look through to the portfolio company. It’s difficult, and there can be better ways of doing it. But, it’s important; the more information the better the decision making.”
Within the fund administration space, Stewart notes the importance of understanding the future of the market, which for him is continued technological advances, and the current race between providers to develop digital and automated solutions.
Stewart also observes increased consolidation in the fund services space. “It’s the storm on the horizon. But it could also be a harbinger of bigger investment in technology that could see huge innovation. We’re moving away from having rooms full of accountants towards adding value – and tech is the bringer of that change as it improves the flow of information.”
Full story first published at the Drawdown July/August 2018 edition.