Hedge funds likely to ramp up tech spend in 2021, says HFM poll
Cash being allocated to enhancing technology capabilities in European hedge funds is set to rise in 2021, with almost 80% of funds polled by HFM revealing they would be ploughing more money into their systems.
Funds attending HFM’s annual European Technology Summit on Monday 22 February were asked whether their technology spend would increase over the coming year, with 37% saying spend would increase ‘a lot’.
A further 42% said they’d be allocating ‘a little’ more cash into boosting their technology, while just 5% and 16% said their spend would remain the same or lessen, respectively.
The results were gathered during the closing session at the Summit, during a panel session titled ‘The Year Ahead: 2021 tech trends’.
Panellist Barry Fitzgerald, Head of Risk at Man Group, said his team was “always looking to invest in technology”, and added that cloud technology was where some of his future spend would be allocated.
Russell Hart, Partner & COO, Alcova Asset Management, added that his team was looking to marginally increase spend, and this would go towards technologies which help mimic the office environment, and challenges between private and public clouds.
Final panellist Steve Painter said that while his fund GAM Systematic was looking to ‘maintain if not decrease’ spending on technology, he wanted to make sure that the money being spent was enabling the fund to do more and become more efficient.
JTC snaps up INDOS Financial
Depository and oversight specialist INDOS Financial is set to be acquired by fund management services provider JTC.
All INDOS’s 52 directors and staff in its London, Fareham, and Enniscorthy (Ireland) offices will join the Institutional Client Services Division of JTC, and will become shared owners in the business.
Nigel Le Quesne, CEO, JTC, said the deal would add further scale to the group’s Ireland presence, a ‘priority market group’ for JTC. It would also bolster the group’s UK presence, where their London team has more than doubled in size over the last 18 months.
INDOS offers ESG, AML and depository oversight services, while JTC offers fund, corporate and private client services globally.
The transaction is subject to FCA regulatory approval and is expected to complete by the end of March.
People moves: Citi, Kleinberg Kaplan
Citi has announced that Conor Davis has taken on the role of Head of Investor Sales and Relationship Management for Markets. He replaces Jim O'Donnell, who last month accepted the role of Head of Citi Global Wealth. Davis, who previously held the role of Head of Investor Sales for Markets in EMEA and Head of Global Cross Asset ETF, will continue to be based in London.
He joined Citi in 2007 as Head of European Distressed and High Yield trading, subsequently moved from trading into running European Flow Credit Sales in 2009.
New York law firm Kleinberg Kaplan has hired David Pentlow as Senior Counsel to its Private Funds & Investment Management Practice.
Pentlow has experience representing hedge funds, real estate funds and other investors, financial institutions, and issuers in connection with securities offerings and other finance transactions.
He moves to the firm from Ellenoff Grossman & Shole LLP.