Cogency Software, Inc., the gold standard in portfolio management and accounting solutions for the multi-manager fund industry, today announced that Bessemer Trust has selected Cogency's solutions for accounting and portfolio management, contributing to Cogency's significant growth in the first half of 2010. Cogency has experienced upwards of 40% growth in employee headcount YTD in 2010 and remains on track to see a landmark year.
Bessemer Trust is a significant new client who is amongst a group of large funds of hedge funds that have signed up with Cogency this year and added over $15 billion in total to the assets being managed on Cogency's product. In all cases, Cogency was selected over competitive products after long and careful vendor selection processes.
Antonio Perrotta, Managing Director and Chief Technology Officer at Bessemer Trust, said, "We selected Cogency because of their depth of expertise with hedge funds, including portfolio reporting and liquidity analysis, fund accounting, partnership and shareholder allocation and tracking manager due-diligence. We were also drawn to their understanding of our business, and their willingness to accommodate our special needs. After a competitive process that led to selection of Cogency, we are confident that we selected the right provider."
As the client base continues to grow, Cogency has brought on board talented and experienced individuals in product marketing, product development and client services to best support this growth.
Jeffrey Axelrod, Cogency's CEO, added, "We have a long and successful history of blending our clients' best-practices with our product development expertise to create a solution that addresses the general needs of the fund of hedge fund industry and has the flexibility to accommodate the specific needs of each client. We are delighted to now be working with Bessemer Trust in this capacity. 2010 has proven to be a growth year for us, and we attribute this success to the continued support of our clients and the dedicated work of our teams."