Irish start-up wins contract with Capita Asset Services
Capita Asset Services chooses Fund Recs for trade processing
Irish start-up, Fund Recs, today announced that it has secured a major new contract with Capita Asset Services, part of FTSE 100 company Capita Plc. Under the new contract Fund Recs, which develops cloud based reconciliation software for the funds industry, will 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 FX 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.
Commenting on the new contract, Alan Meaney, Director of Fund Recs, said “We are excited to be working with Capita Asset Services and are delighted they’ve chosen Fund Recs as their trade processing solution. 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.”
Paul Burke, senior manager, fund accounting for Capita Financial Administrators (Ireland) Limited in Dublin, said “Fund Recs was successful in our competitive trade capture RFP process, primarily for two reasons; fully understanding their clients’ requirements and a user friendly solution that reduces manual risk. Fund Recs commitment to the process should enhance Capita’s operational model. ”
Having already secured initial investment from Enterprise Ireland since it was founded, Fund Recs is currently accelerating its business in Wayra, one of Ireland’s leading digital start-up accelerators. Wayra provides early stage investment to start-ups as well as a dedicated state-of-the-art workspace, access to market leading experts and the channels-to-market necessary to accelerate commercialisation including favourable terms with leading technology suppliers.