COR Financial Solutions has sold its Salerio fund administration platform platform to Phoenix Administration Services Ltd in the UK.
Phoenix will use Salerio to service investment trusts, mutual funds, hedge funds and other investment vehicles to which it provides outsourcing services.
Phoenix has offices in the UK, Dublin and the Channel Islands. Steve King, Managing Director of Phoenix Administration Services says the firm was looking for a platform that would “allow us to not only handle the wide range of client and instrument types that we currently handle, but also a solution that would allow us to process the additional customers and increasingly large trade volumes we are handling, without incurring a linear increase in our back office staff costs.”
Lee Runciman, Chief Operating Officer of COR STP Solutions, added that he was pleased to add another third party administrator to its list of customers. He claims it demonstrates the value of Salerio to outsourcing firms as well as fund managers. “Both organisations foresee a rapid implementation that will allow Phoenix to achieve an early ROI whilst simultaneously allowing them to continue to grow their business without fear of an increase in back-office costs,” he says.