Interdealer broker, Icap, has made a strategic investment in early-stage firm, Enso Financial Management (EFM).
New York-based Enso provides hedge funds and asset managers with portfolio reporting and data analytics services. The firm currently reports on more than $100 billion in global assets under management.
The companies say that EFM will use the investment to drive continued product innovation and to support a geographical expansion to better support its client base; demand has increased for the firms’ offerings as buy-side companies are using multiple prime brokers, custodians and swap dealers , and therefore require more flexible reporting and analytics platforms.
Mark Beeston, CEO of portfolio risk services at Icap, says, "EFM have clearly demonstrated their advanced portfolio analytics deliver the transparency and operational insight increasingly required by buy side participants. EFM's technology is a strong fit for Icap and will complement our suite of services to help our customers drive the efficiencies demanded in today's trading environment."
Matthew Bernard, partner at EFM, adds, “EFM is an elegant solution to a complex problem. While clients are diversifying their risks and strategy opportunities with multiple counterparties, we empower them with daily, profitable information. We provide a competitive advantage through data aggregation and powerful analytics.”
Steve Gibson, managing director of Euclid Opportunities – Icap’s early stage financial technology project – will join the Board of EFM.