Syncova, the leading specialist provider of margin and financing software to hedge funds and prime brokers, today announces the establishment of its New York office and, separately, the appointment of Kevin Ashby to the role of non-executive director.
Syncovaâs expansion follows increased demand by hedge funds and prime brokers for the companyâs margin and funding management products and services as they seek to comply with an impending regulatory burden and ongoing investor demand for greater operational and cost efficiency.
Syncovaâs client base includes some of the largest US prime brokers and hedge funds with a combined total AUM of $94 billion; The New York office will provide a local support hub for existing clients and drive further business development efforts in North America.
Commenting on the launch of the New York office, Syncovaâs CEO, Liam Huxley, said: âMarket demand for our services in the US has never been greater, with hedge funds under increasing pressure to track and reconcile all costs and improve control, transparency, and reporting, while prime brokers face the challenge of accurately reflecting risk in their financing models. Our New York presence will help us develop innovative, flexible solutions to satisfy regulatory and investor requirements and to expand our US client relationshipsâ.
Commenting on the appointment of financial technology veteran Kevin Ashby to support Syncovaâs global expansion plans, Liam Huxley said: âOur team has doubled in size over the last year in line with our growing client base and weâre now offering our services in new sectors such as Tri-Party Repo and US broker/dealer. Kevin Ashbyâs financial technology track record and leadership experience will be invaluable to us as we continue to expand in both the UK and US.â
Kevin Ashby said: âI look forward to working with Syncova to grow this unique business at what is a crucial point in the companyâs development. Syncova is firmly poised to grow its leading industry position as the only independent provider of margin and funding solutions to the prime broker and hedge fund services sectorâ.
Kevin brings more than 30 years financial technology experience to Syncova. His career includes leading Saxo Bank's Asia Pacific operations and running Patsystems, a UK public company focused on trading solutions for the derivatives industry. He has also served as Deputy Chairman of FX Architects and as a Senior Adviser to Marlin and Associates, a specialist Investment Bank. Kevin has held a number of non-executive roles and has been a member of several UK Government advisory committees. Kevin is also currently executive chairman and CEO of Velsys Ltd, a provider of trading and risk management solutions to the FX marketplace.