Citisoft expands system selection to private wealth and hedge fund markets
20 October 2004 | 970 views | 0
Citisoft, the specialist investment management consulting firm, today announced the expansion of its system selection service for the hedge fund market together with an update to its private wealth management system selection methodology. These moves reflect the rapid expansion in the number of technology solutions now available to private wealth management and hedge fund organisations. In response to client demand for swift and accurate assessments of the vendor market landscape, the customisable service is designed to rapidly match the technology and business requirements of investment managers against the functionality of the solutions available.
Citisoft has always offered a structured evaluation service to institutional asset managers but has now broadened its vendor expertise relevant to private wealth and hedge funds. The expansion of the service has been driven by the growing demands amongst these market segments for cost-efficient and scalable technology support. Using vendor-supplied information, the service catalogues the functional offerings of the available solution providers in the market. After consultation with the client, the investment manager's unique needs are systematically matched against these functionalities. Those vendors with the closest match are selected to go on to take part in a full request for proposal (RFP) process; saving both the client and vendor time and money.
Howard Mannion, Assistant Director, Citisoft, comments, "Many private wealth management firms are using outdated legacy systems whereas the hedge fund market has typically relied on the prime brokers or their administrators for technology support. The recent growth in demand in these markets has meant that both are now keen to find technology solutions that will enable them to capitalise on this demand and support them as they grow. We have helped many of the largest international institutional asset managers rapidly evaluate whether suppliers can provide a high quality, long-term service at the right cost, and we are now looking forward to expanding our recent success in offering this same service to many within the hedge fund and private wealth space."