Irish start-up Fund Recs has secured a contract with Capita Asset Services to provide trade processing solutions for Capita’s fund business in Ireland. Fund Recs’ software will be used to automatically capture trades from fund managers and post them to Capita’s internal fund accounting system.
Fund Recs was founded in 2013 to provide reconciliation software to global fund administrators. Its software allows companies automate the reconciliation of cash, position and foreign exchange holdings on the funds they administer thereby removing the operational risk of manual mistakes. Fund Recs also provides a manager dashboard giving a live overview of operational progress as well as automatically collecting key performance indicators.
By April 2014 Ireland’s fund administration industry hit an all-time high of over €2.8 trillion in assets under administration, reinforcing its position as the number one hedge fund servicing centre in the world with 40% of global assets. Over 12,000 people are employed directly in fund administration across the island with regional hubs such as Limerick and Cork adding to the traditional centres of Dublin and the IFSC.
Fund Recs director Alan Meaney said: “Our experience and technology are enabling Capita Asset Services transition to a Straight Through Processing (STP) model. This automated model helps reduce operational risk and will also provide additional transparency. As an innovation partner we’re actively working with firms similar to Capita Asset Services to create value by finding better ways to do things and also explore new services to drive revenue growth.”
Fund Recs is currently developing its business at digital start-up accelerator Wayra.
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