Casa4Funds, a Luxembourg-based independent management company and alternative investment fund manager (AIFM) continues its process’s automation by signing a partnership with FIN|SOFT, a RegTech specialized in operation digitization and monitoring for the fund industry.
The RegTech will help the funds management company automate its oversight functions and compliance services. A ManCoTech news with all the details.
The two partners worked together for six months on the development and implementation of a cloud oversight platform that is specifically dedicated to fund management companies (ManCo). The jointly designed application will be operational in Q1 2021.
“With FIN|SOFT, we will be able to respond to regulatory requirements more effectively, as well as to escalating compliance demands in a timely manner, while serving our clients more efficiently: faster and with due diligence, specifically when it comes to onboarding new counterparties,’’ explained Arnaud Bouteiller, partner and general manager at Casa4Funds.
The ManCo and AIFM provides governance, investment management, and risk monitoring solutions to clients such as investment funds, including UCITS alternative and hedge funds, private equity, real estate, and debt. The company recognizes the strategic partnership as a step further in its digital transformation.
“By digitizing its oversight function, Casa4Funds’ clients will benefit from working with a NextGen ManCo with solid governance processes”.
“Our business is about ensuring that investor protection is the highest possible and that the operating funds are compliant. In order to respond professionally, quickly, and relevantly to the ever-increasing and complex regulatory requirements, we can no longer work the old-world way, by manually filling excel files and sending emails,” adds Bouteiller.
“Our goal is therefore to implement digital and automation solutions of the next-generation, that better serve our customers and reduce all operational risks, while remaining in line with the regulators’ guidelines.”
“In the context of increasing regulation, higher costs, and lower margins, manual tasks need to be kept to a minimum to allow experts to focus on what matters,” added Mark Gillies, CEO and owner of FIN|SOFT. “By digitizing its oversight function, Casa4Funds’ clients will benefit from working with a NextGen ManCo with solid governance processes”.
Once the tool operates live at Casa4Funds, FIN|SOFT will offer it to other fund management companies. In the future, both partners will continue developing new ManCo solutions together.
Launched in 2005, Casa4Funds is headquartered in Luxembourg and operates an office in Switzerland with a team of nearly 40 persons; 10% of the staff being IT developers.
Founded in 1991 and based in Sandweiler, FIN|SOFT provides global fund administrators, banks, asset and wealth managers with software solutions dedicated to operation digitization and automation. The RegTech team includes 15 software developers, business analysts, and project managers.
Delegation, according to a white paper by Deloitte Luxembourg, “is the act of giving a particular job, duty, or right to another party (legally, a separate entity). Operating entities like promoters, asset managers, management companies, or investors may delegate some of their duties to third parties, who will be responsible for performing these activities on a day-to-day basis.”
Oversight is described by the document as “the act of making sure that a particular task or duty delegated to another entity is performed diligently, honestly, and fairly in the best interest of the final beneficiaries.”
Due diligence is defined as “a process that includes a quantitative and qualitative analysis of a fund manager, investment fund, or administrator. It is generally performed by an institutional investor before considering an investment.”