Fund administrator Citco has taken an investment stake in portfolio management, analytics and reporting platform Solovis, expanding its partnership with the FinTech firm.
The agreement will span Citco’s technology and services, and extends the capabilities of the Citco Institutional Services business line, which was launched in June to meet the data needs of pension funds, endowments, OCIOs and family offices.
Citco said the partnership will enable it to remain on the leading edge of technological innovation and “enhances the performance reporting and analytics services currently provided by Citco Institutional Services”.
The administrator added that the deal is part of a wider strategy to partner with and invest in third-party FinTech 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.
“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.”
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.