Case study: How ECO Advisors launched flagship Ucits fund on INDATA’s cloud-based iPM OMS

By David Csiki | 13 September 2019

ECO Advisors, a London-based long/short Ucits fund focusing on environmental, social and corporate governance (ESG) strategies via their flagship fund – the Protea Ucits II – ECO Advisors ESG Absolute Return Fund, has gone live on INDATA’s cloud-based iPM OMS via Microsoft Azure.

ECO (short for Ethical Capital Opportunity) conducted extensive due diligence on OMS systems and was looking at other hedge fund order management system (OMS) providers before they were introduced to INDATA by a colleague at another fund.

“We were well down the road with a few of the other OMS providers but nothing really made them particularly compelling to us,” commented Tristan Elwell, co-founder, chief risk officer and chief operating officer at ECO Advisors. “As we were just starting our flagship fund, we were looking for more of true business partner in every sense of the word and the other systems we were looking at seemed commoditized and also somewhat costly in terms of their pricing model when you looked at the fine print including assets under management and transaction fees,” said Elwell. “With INDATA, we knew where with stood and the proposal they gave us was inclusive, reasonable and comprehensive.”

Another key aspect of ECO’s decision-making centred around technology considerations. ECO strongly preferred a native cloud solution and while other vendors touted their cloud solutions, INDATA’s model using Microsoft Azure was the most appealing.  “We are big believers in cloud,” said Josh Gennet, co-founder. “As a fund manager, the last thing I want to be doing is managing tech in-house and we successfully leverage the cloud for other aspects of our business and an OMS should be no different.  INDATA was the furthest along when it came to the cloud as compared with other vendors, some of which ended up being hosted solutions rather than actual cloud solutions.”   

From a functionality standpoint, ECO required the ability to handle equity swaps across a range of front office functions that included trading, pre and post-trade compliance, portfolio management and reporting. INDATA’s iPM OMS excels in these areas while also providing sophisticated features for customizable reporting and data management. “Having full integration and automation with our fund administrator and brokers was mission-critical to us and INDATA took great consideration in working effectively with our other providers, commented Tristan Elwell. “The INDATA implementation team was top notch,” added Gennet. “They exceeded our expectations every step of the way and INDATA’s inclusive support model is exactly what we are looking for as a firm just starting out.”

Now that ECO is live on their INDATA OMS the focus is on growing AUM. “One of the other things that we really liked about INDATA is they are very forward looking with regards to their technology while also seeking to achieve realistic and practical gains in terms of automation and efficiency, which we feel is the whole point of AI and other things that you hear about within the industry,” commented Elwell. “With INDATA, we feel that we now have an OMS solution that will keep us ahead of the curve when it comes to technology and one that will also continue to evolve with our needs,” he added.

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