Independent professional services provider Praxis Group has partnered with investment management solutions provider Allvue Systems to bolster its fund administration services.
This move aligns with the firm’s aim to provide “future-proof” and “client-centric solutions”.
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The partnership is part of the firm’s plan to offer “efficient,” independent service solutions that leverage technology, the company said.
Praxis offers fund administration services to its clientele including institutional clients, private equity, venture capital, family offices, and private clients.
It is initially rolling out Allvue’s Fund Administration Essentials Solution in the Middle East.
The purpose-built software is designed to streamline back-office financial management and reporting, providing data and insights to general partners and investors.
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By GlobalDataThe technology from Allvue is expected to enable Praxis to manage fund operations and offer investors with access to portfolio performance.
Allvue fund administration global head James DiCostanzo said: “Allvue’s Fund Administration Essentials solution set for fund administrators enables firms like Praxis and their clients to grow at scale and achieve operational efficiency by leveraging best of breed technology.”
Praxis UAE senior executive officer and Dan Toft director added: “With Allvue’s Fund Administration Essentials solution, we can manage the complex fund structures and unique financial reporting requirements of private fund managers efficiently and with full transparency.”
Praxis Group head of corporate services head Ava Fairclough stated: “We selected Allvue’s Fund Administration Essentials because it is a client-centric solution that can grow with us and our clients.
“Having a system that is scalable and backed by a customer-centric team was a priority for us.”
The company is a licenced fund administrator in the Abu Dhabi Global Market (ADGM) since 2017 and received the Trustee licence from the ADGM Financial Services Regulatory Authority in 2016.
It expanded its licence to include Company Service Provider (CSP) activity in August 2021.
This development follows Praxis’s acquisition of Sandshore Services, a Dubai-based provider of corporate and family office services, earlier this month.
