thecitysecret, a firm of financial IT experts, has started working with the Jabre Capital Partners group to develop bespoke software that will support the investment management companys burgeoning hedge fund business.
The contract includes the development of Jabre Capital Partners core trading system as well as work on client reporting and fee management systems, and the development of a dedicated website for investors.
“It is the fact that this project involves the further development of front and middle office systems that is so unusual. Many investment companies outsource their back office IT requirements, such as setting up prime brokering networks, but bringing in external specialists to develop customised software is, to my knowledge, rare,” says Martin Worner, director, thecitysecret.
Worner believes that one of the reasons for this could be that traditionally many hedge funds have been launched by sole traders or out of small offices, but as the industry has grown and consolidated there is an increasing necessity for large and complex firms to use bespoke software rather than make do with off-the-shelf packages that dont allow for maximum efficiency.
Jabre Capital Partners is an asset and management advisory business launched in 2007 and which manages over $4billion in alternative investments.
As part of the contract, Jabre Capital has the sole use of a team of up to five dedicated specialists at thecitysecret, which has made a niche for itself in the financial IT market since its foundation seven years ago and counts several world-leading financial institutions amongst its regular clients.
“The fact that we are based in the North of England means cheaper running costs than if we were to inhabit the same high-cost locations as our clients. This means we can have five people working for the same cost of two or three in-house employees occupying more costly city centre desk space,” says Worner.
The project, which involves bespoke programming for Jabres core trading system and other internal management systems, will greatly enhance reporting mechanisms and the companys ability to control traceability and audit.
thecitysecret, which specialises in designing software for top-tier investment banks and other financial institutions, handles several key accounts at any one time. Security is a top priority and client confidentiality is maintained through access controlled rooms and the fact that staff work exclusively on separate accounts.