LiquidityBook today announced that Duet Group, a global investment holding company, has implemented the SaaS-based LBX Buy Side as its POEMS (portfolio, order and execution management system).
LiquidityBook’s platform provides a full range of order, execution and portfolio management capabilities, including real-time performance, full historical P&L, risk management, compliance and reporting. The cloud-based technology can be tailored to meet clients’ individual needs and offers tremendous cost savings, which were key considerations for Duet.
Duet recently announced the acquisition of two wealth management advisors, effectively adding two additional offices to its existing locations in Hong Kong, London and New York. Thus, the firm needed a solution able to take on multiple lines of business, and LiquidityBook’s highly flexible architecture allowed for options that its previous system and other legacy platforms it was using could not.
As part of the deployment, LiquidityBook created a cohesive security master able to map disparate security descriptions and made back-end changes to allow for more seamless file delivery to counterparties and settlement systems. In addition, the firm bolstered its single sign-on (SSO) capabilities, which now support Microsoft’s ADFS and Azure. These features are now available to LiquidityBook’s wider client base as part of its ecosystem of good ideas, a model that will benefit Duet as it continues to grow and evolve.
Commenting on the news, David Collis, Chief Technology Officer at Duet, said: “We manage a number of different asset managers with different business models, all of which need bespoke solutions. Moving to LBX Buy-Side was a seamless and cost-effective transition that exceeded our expectations for an efficient deployment. LiquidityBook’s powerful platform provides solutions now and going forward, freeing us up to make future decisions without worrying about what it means for our POEMS.”
Sean Sullivan, Chief Revenue Officer at LiquidityBook, said: “We are thrilled to add Duet to our growing roster of clients and we look forward to helping them further scale their rapidly expanding business. The flexibility of our platform is one of the primary reasons that clients with varying workflows like Duet choose us, as we are able to provide them with powerful order management capabilities that also give them the room to operate as they see fit.”
The Duet signing closely follows December’s announcement of First New York’s selection of LiquidityBook, both of which are representative of the firm’s significant momentum within the hedge fund space. LiquidityBook is coming off a banner year, with total revenues for 2019 up by more than 33% year-over-year.