Managers Pressure Hedge Admin Shops for Juiced-Up Tech

Growing investor demands to make the most of all their data is speeding ahead, putting pressure on administrators and causing some hedge funds to re-evaluate their admin relationships.

That pressure for upgraded technology is mounting after the busiest year on record in merger and acquisition activity in the fund administration space.

Hedge fund managers are looking for middle office, trading, and onboarding support as well as fund reconciliation, asset level transparency, data operations work, and the ability to offer limited partners deeper insight into their holdings, says Bill Salus, CEO of Paddock Consultancy, which focuses on the fund administration market.

“I think the new landscape is not fund administration as a lead core product but as part of a larger technology stack that addresses the broader needs of the manager,” he says.

The focus on data has only grown with the expectation that top tier admins should have a data offering and dashboards that give immediate access to status on fund net asset value (NAVs), reconciliation, and daily profit and loss (P&L), says Peter Sanchez, CEO of Northern Trust Hedge Fund Services.

“The big theme is the rush to have a data service and an expectation that you won’t take on a client without the ability to share the data and give informed context around it,” he says.

As the marketplace grows more competitive, many large hedge funds are also reviewing the long-term, existing relationships they have with administrators. “It’s the result of trying to squeeze out as many services as possible,” Sanchez says, as well as fee compression on the manager side and hedge fund clients looking for an enhanced experience.

Another trend is fintech companies increasingly offering components of services and technologies that administrators are also building up.

“You see standalone companies and fintech companies coming around pointed specifically at those different problems and capabilities,” Salus says.

Vendors will have to offer an attractive price, but it also puts pressure on admins to continue investing in their systems to stand the test of competition, Sanchez says.

One company offering standalone services is Arcesium, a post-trade tech and professional services firm, which was launched by hedge fund D.E. Shaw Group in 2015 as an independent company. Blackstone Alternative Asset Management (BAAM) provided equity backing and became the firm’s second client. Arcesium announced last week four parts of its tech platform are now being offered as standalone products for alts managers, including financial data stack tools, reconciliation, swaps management, and a treasury suite. The firm – which has over 700 employees and supports over $100 billion in assets – plans to hire over 100 employees in the next year with a focus on software engineers, according to a source familiar with the matter.

“The standalone offerings are a natural evolution of our business. We built our full technology platform to better support the most complex operational demands of some of the largest asset managers in the industry,” said David Nable, head of commercial strategy at Arcesium, in an email to FundFire. “This demand for innovative technology in the fund admin space will only increase, and, by offering portions of our technology platform á la carte, we’re responding to the challenges that managers face when it comes to operations and data management.”

The focus on technology comes after a record year in merger and acquisition activity that saw large players including Apex GroupState Street and SS&C Technologies all make moves. And the start of 2019 has already seen some activity with Apex Group and its private equity backer Genstar Capital announcing the acquisition of Link Group’s corporate and private client services and Throgmorton businesses at the end of January, according to a release.

And more acquisitions are likely to come as firms look to expand their geographical reach and product lineups, including in areas such as the private client space and corporate securities, Salus says.

“The momentum, the desire, the money is there. It’s just sifting through and finding the right opportunities to take advantage of,” he says.

Contact the reporter on this story at ltomkiw@fundfire.com or 212-542-1278.

Fund Admin Acquisitions Near Record Pace with Apex Deal

It’s full speed ahead for mergers and acquisitions activity in the alts fund administration space with Apex Group making the latest move, acquiring Custom House during a busy summer period that has 2018 already outpacing 2017 in the level of activity.

The Custom House acquisition – announced Monday and set to close at end of the fourth quarter – adds $24 billion in assets under administration, bringing Apex Group to $560 billion in assets under administration. Apex announced the deal along with its private equity backer, Genstar Capital, but did not disclose the terms of the deal. The Custom House acquisition adds to Apex’s hedge fund service arm, with both firms sharing “common hedge fund technology platforms,” according to a press release.

The deal, which increases Apex’s geographical footprint in Europe, Asia, and the U.S., will have Custom House CFO Helen Breen and COO David Barry remain with the firm but CEO Mark Hedderman leave, says Rosie Guest, global marketing director at Apex.

Apex is expecting to make another few acquisitions this year and into the first quarter of 2019, with two deals currently in negotiations, Guest says. “The target over the next five years is to break the trillion [dollar] mark,” she says.

The rate of acquisitions is likely to make 2018 one of the busiest years on record, with 11 transactions already clocked this year compared to 10 during 2017, according to a list tallied by Fund Recs, a cloud-based reconciliation software firm that works with fund adminstrators. That total list includes acquisitions of technology firms, but even the pace of acquiring fund administration players alone is up, with eight deals so far this year.

“The numbers are up more year to date than we have seen last year. One big trend is the technology side of it,” says Alan Meaney, CEO of Fund Recs, noting that technology deals have totaled $9.45 billion in value so far in 2018.

Apex’s latest move comes as the firm aims to become the largest independent fund administrator in the world. The firm has been on an acquisition spree, announcing in June its acquisition of private equity administrator Ipes, in January its acquisition of M.M. Warburg & Co.’s asset management and servicing business in Luxembourg, and in October 2017 its acquisition of Deutsche Bank’s alternative fund services business, as reported. The firm also added to its U.S. team with additional hires announced in July.

Other administrators are also making moves, both acquiring fund admin peers as well as technology companies. SS&C Technologies announced its acquisition of the North American business of CACEIS, aCrédit Agricole division in March, as well as several technology deals, including Eze Software in July and tech and business operations provider DST Systems in January. State Street acquired Charles River Development, a provider of investment management front office tools, in July.

It’s a positive buyer’s market in the fund administration space, with many firms looking to build up a U.S. presence or increase their private equity capabilities, says Bill Salus, CEO of Paddock Consultancy, which focuses on the fund administration market.

“I think [consolidation] is going to continue at all points in the market,” he says. “Large admins, medium sized admins, and smaller… There continues to be a proliferation in admin firms coming to market. And while the overall market is growing, and there’s even more of a trend to outsourcing more of a manager’s middle and back office, the service providers struggle to keep up with that technology trend – and either face lower growth or don’t have enough scale to plow back into R&D and technology.”

And while summer has traditionally been a quieter period, there are more deals coming, Meaney says.

“I think it’s worth keeping an eye out for a couple more big deals to be done by the end of the year,” he says.

Contact the reporter on this story at ltomkiw@fundfire.com or 212-542-1278.

Automation Speeds Up as Hedge Funds Push Admins on Tech

The robots have arrived. They aren’t out of a sci-fi movie, but rather are working on the growing demands from hedge fund managers for their fund administrators to incorporate more technology, automation, and robotics into their processes.

Hedge fund managers are increasingly asking for a range of performance information and analytics, including daily net asset values (NAVs), data aggregation and transparency for limited partners, as well as data for regulatory and compliance reporting, says Bill Salus, CEO of Paddock Consultancy, which focuses on the fund administration market. And that’s causing a “massive shift” in the technology that administrators have to offer clients.

The move to incorporate greater technology and automation comes as hedge fund assets under administration have continued to grow, hitting $4.3 trillion for the first time earlier this year, as reported.

Robotics process automation and back offices are a “marriage made in heaven,” says Jon Hugill, group information systems head at Maitland, a fund administrator.

“I think between robotics and blockchain, the fund administration industry is in for an enormous upheaval. There is so much work that is relatively low value but requires a person at present to be part of the process and robotics is going eliminate a huge amount of that,” he says, adding that it will allow for people to work on other problems and devote time to clients.

Maitland introduced its first “robot” named Eric in late April in its South African office. “It’s not R2-D2, it’s just a piece of software that runs in the background,” Hugill says, adding that it works on areas such as fund accounting and data capture and allows the firm to get work done outside of standard hours.

For hedge fund managers, the increasing use of technology across the space will mean that the quality and “the speed at which NAVs are struck will improve dramatically,” he adds.

New areas of the hedge fund landscape are also offering opportunities to build new interfaces. To manage the rise in cryptocurrency hedge funds and their often disparate and non-standardized data, Gemini Hedge Fund Services built a cryptohub to interface with all the major exchanges and to streamline data in order to more efficiently process funds, says president David Young.

“From a fund administration perspective, it always comes back to the quality of reporting. It’s depth of reporting [and] speed at which we report – and obviously automation is an important part of both,” he says.

The automation push is also changing the hiring landscape of the admin field, Young adds. “We do use more business analysts than ever before than just pure accountants to better analyze what we are doing with our data and better use and control the data.”

Overall, the fund admin industry is looking at faster, more efficient technology and better ways of looking at data so managers can understand how their businesses are doing, says Mike Megaw, managing director and global head of analytics and regulatory solutions at SS&C Technologies.

The next frontier for the fund administration space will be digging deeper into the possibilities of blockchain, he adds.

“I think there’s promise there. It’s hard to say when it’s going to have the impact. It’s obviously the buzzword – blockchain and [artificial intelligence] are married together… The timeframe of when [blockchain] actually plays out depends on how soon it finds the right problem to solve and the adoption of that,” he says.

The introduction of new technology and automation will continue to be an ongoing process of evolution and not an immediate revolution, Young says.

“It’s a lot different than it was 15 years ago in the fund administration space and the automation is reflected in the fees investors and managers pay to administrators today. It’s significantly less than it was… The cost savings has been passed on to the end user – the investors, which is where it should go,” he says.

Contact the reporter on this story at ltomkiw@fundfire.com or 212-542-1278.

NES Financial – October 2017

NES Financial Announced as a Sponsor at the Third Annual Privcap Game Change: Real Estate 2017 Event

Silicon Valley FinTech company showcases innovative fund administration solution for private equity real estate industry

Silicon Valley, CA, October 24, 2017 – NES Financial, a market innovator in fund administration solutions for the private equity real estate industry, will sponsor the third annual Privcap Game Change: Real Estate 2017 event on November 2nd at the Mid-America Club in Chicago, IL. NES Financial will be hosting a keynote event with industry leader Bill Salus and emerging markets veteran Tom Heneghan.

This conference is a learning and networking event focused on the trends that will shape the future of real estate. For investors, fund managers and their advisors, this conference will offer in-depth analysis of the game-changing trends affecting institutional private real estate investment.

Bill Salus, an NES Financial Advisory Board Member and Founder and CEO of Paddock Consultancy, will be conducting a keynote interview entitled Emerging Markets: It’s Time to Take a Fresh Look.

The 30-minute interview will feature industry veteran Tom Heneghan (CEO of Equity International), who will share his insights, analysis and approach to emerging markets investing; his outlook on regional opportunities around the globe; insights for Western investors to consider as they commit to developing markets; and the challenges of dealing with currency fluctuations and other risks. There will be a short Q&A with the audience following the interview.

In addition to hosting the keynote interview, NES Financial will be showcasing their latest suite of technology-enabled fund administration solutions for the private equity real estate industry.   

About NES Financial
NES Financial is a Silicon Valley financial technology (FinTech) company providing technology-enabled solutions and services for the efficient back- and middle-office administration of complex financial transactions. Serving private equity, commercial real estate, and Fortune 1000 clientele, NES Financial offers industry-leading fund administration, loan servicing, specialized EB-5 administration, and 1031 tax-deferred exchange services. Our unwavering commitment to data security, operational redundancy, and compliance reporting is evidenced by 12 consecutive years of successful independent audits of our technology, processes, and financial controls. Today, NES Financial services over 190 funds, administers over $75B of 1031 assets annually, and has worked with over 550 EB-5 projects. For more information, visit nesfinancial.com.

About Bill Salus
Bill Salus is an NES Financial Advisory Board Member and Founder & CEO of Paddock Consultancy. Named in Global Custodian’s Securities Services Hall of Fame, Bill has over 30 years of experience in sales, management, and consulting in the global investment and financial services industry. Most recently, he served as Global Chief Executive Officer for Apex Fund Services, a leading fund services company. Bill has also held senior positions at BNY Mellon, PNC Global Investment Servicing, KeyCorp, and Bank of America. In addition to his industry work, Bill serves on the Finance Committee for the Ronald McDonald House of Wilmington, DE, and is a member of the 2017 Committee of Hearts, Hedge Funds Care. Connect with Bill on LinkedIn.

About Tom Heneghan

Tom Heneghan is CEO of Equity International (EI), a Sam Zell controlled entity investing outside of the US, primarily Emerging Markets. Recent investments include companies in warehouse, hospitality, self-storage, parking and telestructure segments throughout LatAm, India, China and Japan.  Previously, he was CEO of the Zell sponsored Equity LifeStyle Properties, Inc. (NYSE:ELS). From 1990 to 1995, he was with EGI, the investment company founded by Mr. Zell. Mr. Heneghan is Vice Chairman of ELS and is a board member of Home Partners of America, a single-family rental business and is a board member and a member of the Investment Strategy Committee of Chai Trust, a trust company overseeing trusts for the benefit of Mr. Zell and his family.

New Fund Admin Acquisitions – October 2017

SS&C, Apex Joust with New Fund Admin Acquisitions
Article by
 Lydia Tomkiw October 25, 2017 | www.fundfire.com  

A wave of merger and acquisition activity shows no signs of slowing down in the fund administration space, with Apex Fund Services just last week announcing its acquisition of Deutsche Bank’s alternative fund services business. That’s after SS&C Technologies had its own latest addition earlier in the month.

Such deals are creating a bifurcation as industry giants keep growing and smaller providers look for niches in order to survive, industry watchers say.

In the next five years, there will only be a handful of banks offering fund administration, along with large players above the $300 billion mark and smaller players below $50 billion, says Peter Hughes, founder and CEO of Apex.

The Apex transaction, expected to close in the second quarter of 2018, will open up 18 additional investment jurisdictions for the firm and add $170 billion in assets under administration, which would bring it to over $300 billion in assets under administration and make it the eighth largest admin firm in the world, according to a press release. The terms of the transaction were not disclosed.

“The important thing is to integrate these businesses that we are buying well, that quality isn’t compromised and that [clients] see quality is getting better as we get bigger,” Hughes says.

The merger will enable Apex to offer bank custody and depository services and push out sophisticated middle office products, Hughes says. The Deutsche lift out also helps Apex pursue its goal to become a top five global fund admin in assets serviced. “We need to double our size again to get in the top five, which is where we are targeting to be,” Hughes says, noting that Apex is looking at a range of options to grow via acquisitions, from single country firms to the potential of more bank lifts outs. Its other recent acquisitions include Equinoxe Alternative Investment Services and Pinnacle Fund Administration, as reported.

SS&C Technologies has also been driving merger activity, having acquired $8 billion Canadian administrator CommonWealth Fund Services earlier this month. “The acquisition strengthens our presence in the Canadian fund services market and furthers our strategy to expand our international business,” CEO Bill Stone said in a press release. The move follows a raft of acquisitions by SS&C, including acquiring Conifer Financial Services, Wells Fargo Global Fund Services and Citigroup’s Alternative Investor Services business.

“I think the acquisition or corporate activity in the alternative fund admin space is going to continue. As you saw with [the Apex and SS&C] deals, the activity is global with global firms and even local firms,” says Bill Salus, CEO of Paddock Consultancy, which focuses on the fund administration market. “As administrators begin to reevaluate their model and their own internal economics… fund admins are going to evaluate their own models and look at all options for growth, including taking on new capital or looking to acquire or even divest or sell to larger alternatives.”

Acquisitions aren’t just about purchasing revenue streams but also can add capabilities administrators did not have before, says Scott Price, head of business development and client management for North America at Maitland. Growth for administrators is “on fire” in the close-end fund world, including private equity, as outsourcing continues to grow in popularity, and as the hedge fund side remains focused on technology growth.

“It’s still very much a scale business. Businesses… need to have products that go through multiple jurisdictions. An admin can’t just be doing U.S. products,” he says.

Maitland itself recently acquired R&H Fund Services, giving it a foothold in Guernsey, and remains “on the hunt to grow” organically or through acquisitions, he adds.  Read the full article here.

Data Revolution to Upend Fund Admin Business Model – July 2017

Data Revolution to Upend Fund Admin Business Model
Article by
 Tom Stabile  July 12, 2017 | www.fundfire.com  

Private equity fund administrators are moving beyond core accounting tasks toward becoming critical hubs for systems and functions firm-wide as their fund manager clients face increasingly complex data demands from investors, regulators, and new product initiatives.

The march is on to take basic fund and investor account data and use it as a foundation for larger, centralized databases directly flowing into other business purposes as varied as valuation, performance analytics, fee calculations, risk management, forecasting, custody, taxes, and deal management. And the expectation is that any one piece of data will flow cleanly through all functions – and be updated and linked through each transaction and step – in an effort to maximize efficiency and make these systems less of a business headache, says Bill Salus, CEO at Paddock Consultancy.

“Managers are facing mounting costs to build more creative strategies and comply with regulations and manage their infrastructure,” he says. “It’s cutting into their margins and limiting their effectiveness – and their profitability and competitiveness.”

Fund managers will now look to administrators to solve not just for the accounting needs around a particular investment product, but for their larger business information management needs, Salus says. It’s logical that the search starts at the initial data around capital coming in from investors that is invested in assets, he says.

“The trend is to manage that data in a way to have integrity across a platform and deliver across any functionality and capability you need it to do,” he says. “For the modern administrator, that’s where the puck is going.” Read More

Fund Admin Shake Up – May 2017

Hedge Fund Managers Shake Up Fund Admin Business
Article by
 Lydia Tomkiw May 10, 2017 | www.fundfire.com  

Cost and dissatisfaction with the quality of service are driving hedge fund managers to switch their fund administrators amid continuing merger and acquisition activity in the space, a new survey shows. And managers are also turning over other service provider relationships, according to the Preqin survey.

A quarter of hedge fund managers reported changing at least one service provider in the past year, with 39% changing their prime broker and 31% reporting they changed their fund administrator, according to a survey of over 270 hedge fund managers conducted at the end of 2016 by Preqin. The survey also tracked changes made to fund auditors, marketers, lawyers, and custodians.

Of the 31% of managers that chose to switch fund administrators, 38% cited cost as the leading factor, followed by 31% citing investor concerns about the fund administrator, and 25% voicing dissatisfaction with the quality of service, the Preqin survey found.

“Cost is the largest factor. Dissatisfaction at times can be related to cost,” says David Young, president at Gemini Hedge Fund Services. “I don’t think many people will admit it, but when you reduce cost, you might decrease the levels of reviews, and it does put pressure on the administrator to make sure they have the proper reviews in place.”

Managers evaluating and reevaluating their fund administration service providers comes at a moment of continued merger and acquisition activity. Yesterday, Apex Fund Services announced its acquisition of Equinoxe Alternative Investment Services, through the backing of private equity owner Genstar Capital, according to a press release. The acquisition, for which Apex owner Peter Hughes is also a main financer, will bring the funds under administration at the combined firm to nearly $80 billion as part of its goal to become “a top 5 global fund administrator within the next five years,” according to the release.

A larger Apex will still face competition from the current top five fund administrators servicing hedge funds, according to Preqin’s tally: SS&C GlobeOp, Citco Fund Services, State Street, BNY Mellon, and Morgan Stanley Fund Services.

Apex’s move follows a raft of merger and acquisition activity in 2016, with SS&C Technologies acquiring Conifer Financial Services, Wells Fargo Global Fund Services and Citigroup’s Alternative Investor Services, while Fundadministration was acquired by MainstreamBPO, as reported.

Service providers are under a lot of pressure to deliver as outsourcing continues to grow in both the hedge fund and private equity space, says Bill Salus, CEO of Paddock Consultancy, which focuses on the fund administration market. With more merger and acquisition activity to come, managers should expect that if they select a smaller administrator, that firm could be sold or end up being involved in some type of a roll up, he says.

“Manager due diligence in looking for a service provider has to be a lot more thorough and exacting than it ever has been before,” he says. “You have to know the technology the provider is using, even the specific version… Are they developing their own technology? Do they have the budget? Why are they growing or why aren’t they growing?”

Possible disruptions caused by mergers and acquisitions to an administrator’s staff as well as concerns over the quality of service are driving fund managers to evaluate other options in their search for stability at a lower cost, Young says.

“If you have the A Team working on it, you’re very happy, but the A Team can only service so many clients. When an administrator is large enough you do have some fracturing of service offerings,” he says.

Despite the pressures of meeting the expectations of fund managers, new administrators are continuing to enter the space looking for niche areas, trying to carve out special market segments, or targeting a specific geography, Salus says. While the top 25 fund administrators control a significant portion of the market, those new entrants are also aware of the potential they will be acquired.

“The attraction of the merger and acquisition activity is attractive to new entrants. They are becoming administrators because they know they can sell or be acquired later,” he says.     Read the full article here.

Hedge Fund Trends – May 2017

The Five Key Operational Trends Reshaping Hedge Funds

by Bill Salus for HFMweek.com

Several watershed trends are impacting managers in significant ways… Read Here

Real Assets Managers Step Up Fund Outsourcing – May 2017

Real Assets Managers Step Up Fund Outsourcing
Article by
 Tom Stabile May 31, 2017 | www.fundfire.com  

Private real estate and infrastructure managers are following in the footsteps of their private equity peers that in recent years have bumped up their use of third party fund administrators, largely responding to pressure from institutional investors.

The market for real assets managers using fund administrators is still small at $638 billion, compared to the $2.2 trillion these providers report administering for private equity managers, according to a recent eVestment report. But it’s an area where fund administrators see growth potential for the same reasons that have sparked hires by private equity firms, says Minkyu Mike Cho, senior research analyst at eVestment.

“They certainly anticipate that it’s going to be a big growth area, particularly for administrators that didn’t have a presence in real assets and real estate in the past,” he says. “These firms are now seeing [private fund] firms are more receptive to outsourcing.”

The larger players in the market include Citco Fund Services, SS&C Technologies, and State Street Alternative Investment Solutions, all of which report having more than $100 billion in committed capital from real assets fund managers, according to the eVestment report.

The private equity market’s accelerated push toward hiring third party administrators has played out over the last three years, but the real assets echo has been much more recent, says Bill Salus, CEO at Paddock Consultancy.

“These are tricky assets to account for and manage – infrastructure and real estate – and they’ve been under pressure to be more efficient and less costly,” he says.

The past year has been busier for real assets manager inquiries and business across a range of strategies, says Dennis Westley, managing director for North America at Apex Fund Services. The third party administrator has seen funds that target assets such as residential housing, hotels, and storage units seeking outsourced help, in addition to a larger surge of activity from private equity managers generally, he says.

“That’s something that two or three years ago you did not see quite as much,” he says…. Read More

Industry Change Continues – March 2017

Directly speaking, there is no doubt that the investment management space is being hit by the most disruptive series of forces in its history. Commercially, fees are being driven down, regulatory requirements have become increasing complex, compliance frameworks are under constant scrutiny, high infrastructure costs are driving accelerated outsourcing trends, distribution channels have become expensive and highly selective, and investment management strategies strive to become differentiated.

The Financial Times reports that new money moving into hedge funds dropped significantly last year, while ETFs grew. Vanguard founder, Jack Bogle, has predicted that hedge funds will never recover to surpass the ETF industry, blaming the shift on “deep disenchantment with hedge funds among large investors” based on high fees and poor performance.

Rather than look into a crystal ball to see the future, managers are looking in the mirror, wondering who they are and how to make money. “Discount brokerage has driven the cost of transactions to zero, ETF’s have driven the cost of investment management to zero, and digital advice is driving the cost of financial advice to zero,” our friends at Tiburon Advisors explain. What’s an advisor to do?

The trends of transparency and lower cost securities are extremely broad, penetrating waves of change, leaving no sector untouched. Consumers desire safe, describable, non-correlated yet predictable returns. They also want their choices presented to them across all digital and human channels, at increasingly lower costs. Alternative investments, fueled by the resurgence of private equity, can’t hide from these impactful trends, but have made a permanent place in asset allocations, institutional and retail alike. In their recent report (“The Future of Private Equity”) SEI warns that private equity is “well on its way to becoming mainstream”, a thought distant just a decade ago.

At Paddock Consultancy, we find ourselves in the midst of fund operations rising to a glamour spot as a result of investment managers’ increasing reliance on partners to help with growth strategies, expense control, cybersecurity, and regulatory assistance. Nearly every aspect of a manager’s infrastructure is on the table for outsourcing. Fund administrators, particularly in private equity funds, are looking to grow their product suite, geography or target markets. Investors like private equity funds are looking to invest in firms who appear to achieve and sustain revenue returns appealing to institutional investors. The monthly league table reports from Convergence reflect the changes in rankings from administrators moving up and down (or out) due to consolidation plays…another trend we follow.

In the robo markets, there is no stopping the proliferation of investment information and choices served to consumers across a digital platform. This is not a simple Millennial consumer trend, but as reported in these pages previously, is evidence that low cost securities perform as well as actively managed ones and need to be distributed in low cost, but not cheap, ways. Robo 2.0 adds the human touch to these digital products, and advisors are quickly adding access to a financial advisor within their digital platform, at no additional cost. Response to demand.

DTS kasina echoes that concept in their recent paper (“Capitalizing on Disruption: Transforming Asset Management for 2020”), stating, “As it is now, critical gaps need to be closed between client needs and product features, between distribution models and distributor demands, and between marketing practices and client expectations. Many asset managers are not yet positioned to support the evolving requirements of professional buyers and investors as we approach 2020.”

Finally, we recently had an incredible chance to spend time with the good folks from Harvard astrophysics department, The Weather Channel, Beacon Hill Institute and the meteorology department of Suffolk University. We explored the impact of weather on investment trends and selection, and the inconsistencies in public data being released by presumed esteemed organizations such as our national weather bureau –  clearly information that’s relied on across consumer, manufacturing, economic, agriculture and energy sectors. It’s nice to have your head in the clouds from time to time…’til then.