Citco strengthens commitment to institutional investor solutions, expanding its partnership with Solovis
NEW YORK, 29 October 2019 – The Citco Group of Companies (“Citco”) today announced it is deepening its partnership with Solovis, the leading 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 will enable Citco to remain on the leading edge of technological innovation and enhances the performance reporting and analytics services currently provided by Citco Institutional Services, the firm’s investment recordkeeping and reporting team for institutional investors.
The expanded relationship and financial commitment 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 optimized 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,” said 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.”
“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.” said Nick Eisenlau, Head of Citco Institutional Services. “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.
For Citco - Peregrine Communications
Solovis is leading fintech innovation for institutional investors with a powerful cloud-based platform for multi-asset class portfolio management, reporting and analytics – uniquely designed for the limited partner community. Endowments, foundations, pensions, OCIOs and family offices leverage Solovis to transform how they collect and aggregate investment data, analyze portfolio performance, model and predict future outcomes and share meaningful portfolio insights with key stakeholders. The Solovis institutional investment management technology platform enables detailed analysis and dynamic data modeling across multiple portfolios and pools of capital for actionable, transparent insights that empower both operations and investment teams. Visit www.solovis.com
About Citco Group of Companies (Citco)
The Citco Group of Companies (Citco) is a leading provider of asset servicing solutions to the global alternative investment industry. With over $1 trillion in assets under administration and 7,000 staff deployed across 40 countries, Citco’s unique culture of innovation and client-driven solutions have provided Citco’s clients with a trusted partner for more than four decades. Having grown organically into one of the largest asset servicers in the industry, Citco’s Fund Services division offers a full suite of middle office and back office services including, treasury and loan handling, daily NAV calculations and investor services, corporate and legal services, regulatory and risk reporting as well as tax and financial reporting services. Investing heavily in innovation and technology whilst further developing its current suite of client friendly solutions, Citco will continue into the future as a flagbearer for the asset servicing industry.