Geneva and Luxembourg-based fund administration software firm IGEFI says that Summit Partners, the private equity firm, has taken an equity stake in the company.
The news comes at a time of consolidation in the fund administration business, which has shrunk the number of buyers of fund accounting and transfer agency applications, but also of structural change in the funds industry, with fund supermarkets forcing fund administrators and transfer agents to reconsider their business models.
Igefi describes the investment as a partial recapitalization that will “position the company for the next stage in its growth, further improve its service to customers, and help it execute its global expansion strategy.”
Igefi is one of the best-known providers of fund accounting and transfer agency software for fund managers, hedge funds, and third-party administrators worldwide.
Founded in Switzerland in 1995 by Bertil Rouveure and Van Ta, it has until now remained privately owned, but now has offices in Bangalore, Boston, Frankfurt, and Paris as well as its original twin homes of Geneva and Luxembourg. Its customers include BNP Paribas, Citigroup, Crdit Suisse Asset Management, ING Bank, and RBC-Dexia Investor Services.
IGEFI’s MultiFonds applications are used by banks, fund promoters, and third party service providers in 20 countries. The company says its technology now services over USD 1 trillion of assets under administration a day.
“We are delighted to be an investor in Igefi and look forward to working closely with its management team to build the pre-eminent provider of fund accounting software to the investment management and administration industry, as well as of transfer agency software,” says Scott Collins, General Partner in Summit Partners’ London office. “The asset management industry continues to grow in size, in complexity of instruments, and in global reach. Igefi, with its highly scalable, modern and flexible technology, is ideally positioned to serve this marketplace.”