In other FinTech News, Orc and CameronTec fuse into one and Avoka partners with eSignLive.
Carrhae Capital Expands Usage of Software Suite
Carrhae Capital, a London-based hedge fund manager, is expanding its use of an investment management system via portfolio accounting capabilities provided by Eze Software Group, make of the EzeSoft Investment Suite, according to the firm and vendor officials.
Already a client of the order management system (OMS) offering from Eze Software, the long/short asset manager has deployed the Eze Portfolio Accounting (formerly Tradar) “to manage its portfolio accounting needs, including valuation and reporting,” say Eze Software officials. Carrhae Capital reports that it has approximately $1 billion in assets under management and is focused on emerging markets.
The Eze Portfolio Accounting functions are being used for P&L and NAV calculations, reconciliation, and reporting, say vendor officials.
In a statement, Carrhae Capital officials say that they chose Eze Portfolio Accounting because it is “easy to use, and flexible enough to meet our reporting needs,” according to Adrian Headon, Carrhae Capital’s chief operating officer (COO). “There’s no need for third-party services or a large staff to maintain the system, and reports are easily extracted,” Headon says. With the OMS and accounting features, the firm can use “one platform and with one service team, which simplifies our day-to-day operations significantly,” he says.
Eze Software officials say they have “added 55 clients in EMEA in 2015, attracting both long-only and hedge fund clients.
“There are more than 100 employees working in Eze Software’s London office, who focus on supporting more than 300 buy-side investment firms,” according to the vendor. “Overall, there were more than 35 deals in 2015 involving some combination of applications in EzeSoft Investment Suite.”
Orc and CameronTec Complete Rebirth as New Company
A vendor of electronic trading technology for listed derivatives, Orc Group Holding AB, which has been renamed to Itiviti Group Holding AB, has completed its combination with CameronTec Intressenter Top Holding AB, about two months after the two vendors the forthcoming combination, officials say.
In early February, Orc and CameronTec established the new combined company Itiviti and declared its purpose would be to simplify and align “the structure and organization of the new company,” officials say.
“The legal structures are merged through the incorporation of CameronTec Intressenter Top Holding AB under Itiviti Group Holding AB,” officials say. CameronTec offers an integrated platform for FIX protocol-based operations, FIX infrastructure and trading management.
“In connection with the transaction, the new group’s cash management is optimized through the repayment of a SEK 220 million bank loan, using existing cash balances and credit facilities,” say officials.
In October 2015, Cidron Delfi S.à r.l, a company indirectly controlled by Nordic Capital Fund VII, combined Orc and CameronTec into a new entity, officials say.
Avoka Partners with eSignLive
Avoka, the leader in digital customer acquisition services provider, and eSignLive, an e-signature vendor, have announced a partnership for financial services firms to help them make the customer acquisition process “completely digital,” say vendor officials.
The agreement brings together digital account opening and onboarding services with e-signature support so that clients can “complete the application process from within a single solution, on any device,” officials say.
“Avoka’s goal is to help banks, wealth managers and insurance carriers digitally transform their businesses, making it easier for customers to engage with them and increasing customer satisfaction. A point of friction in this process has been keeping the process electronic, without falling to paper to collect a signature,” said Philip Copeland, CEO, Avoka, in a prepared statement. “Together, Avoka and eSignLive are eliminating these issues, and creating an end-to-end digital customer acquisition experience.”
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