London / New York, 15 February 2006 – Capco, the global provider of integrated transformation consulting, business process outsourcing and reference data services for the financial services industry, today formally announced its acquisition of managed services company, FundClear Solutions LLP (FundClear).
FundClear has been working with Capco for some time to develop and validate its suite of services that offer hedge funds both an institutional quality operational infrastructure and real-time applications as a managed service.
FundClear will now be integrated into a new business line within Capco called Capco Hedge Fund Services (CHFS). Simon Luhr and Gerry Buggy, co-founders of FundClear, have both joined Capco as Partners to lead the new business and to expand Capco’s existing consulting and managed services activities in the hedge fund sector.
Commenting on Capco’s ambitions for the new business line, Gopi Chelliah, Executive Vice President at Capco, said, “With the integration of FundClear and the expertise that Simon and Gerry bring to Capco, we are now in a position to offer both start-up and existing funds a compelling, scaleable outsourced alternative to building and maintaining their own operations and technical infrastructure. These new offerings neatly complement Capco's existing managed services offerings in reference data management and reconciliations management and integrate powerfully with our consulting expertise in operational excellence and hedge fund operations.”
CHFS will offer hedge funds a comprehensive, hosted suite of front, middle and back office applications with full operations resources and support for individual hedge funds. The applications offered range from trade entry and flash P&L reporting to portfolio accounting, reconciliation, and risk management. Each will be backed by expert operations and technology personnel who will operate the service. Clients of the service will be able to select some or all of these modules based on their needs. CHFS will also provide a, transaction hub which will significantly increase the efficiency of transactions between the hedge fund, its prime broker and fund administrator.
Simon Luhr, co founder of FundClear and now a Partner of Capco, comments: “I am delighted to be working with Capco and look forward to leveraging Capco’s excellent consulting and managed services capabilities to enhance fundamental parts of the FundClear offering. The combination of the two companies allows CHFS to offer an independent, robust and institutional-quality hosted infrastructure built to meet all investor due diligence requirements.”
Gerry Buggy, co founder of FundClear and also now a Partner of Capco, adds: “I believe that we now have a first class opportunity to claim a niche position in the market place. We are an independent, neutral provider bringing ‘institutional quality’ infrastructure and real-time applications to hedge funds on a managed service basis.”