Citisoft Expands Into IT Selection For Private Wealth Managers And Hedge Funds

Citisoft, the London and Boston based consultant to fund managers, says it is expanding into IT system selection service for hedge funds and private wealth managers as well as long only fund managers. It says the move reflects the rapid

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Citisoft, the London and Boston-based consultant to fund managers, says it is expanding into IT system selection service for hedge funds and private wealth managers as well as long-only fund managers.

It says the move reflects the rapid expansion in the number of technology solutions now available to private wealth managers and hedge funds.

Citisoft says it has always offered a structured evaluation service to institutional asset managers but is now broadening its service. Using vendor-supplied information, the new service will catalogue the functional offerings of the available solution providers in the market.

After consultation with the client, the investment manager’s 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.

“Many private wealth management firms are using outdated legacy systems whereas the hedge fund market has typically relied on the prime brokers or their administrators for technology support,” says Howard Mannion, Assistant Director, Citisoft. “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.”

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