Hedgeweek features the launch of the new Convergence website: http://www.hedgeweek.com/2013/09/18/190106/convergence-launches-new-website
Convergence, a provider of data, tools and models to asset managers, investors and service providers, has launched a new website – www.convergenceinc.com.
Convergence was formed to work with alternative and traditional asset managers to achieve optimal performance across their infrastructure platform.
The firm’s management team has significant experience implementing highly efficient infrastructure at a number of leading asset managers. Convergence uses proprietary benchmark data, combined with analytical tools and models to identify opportunities to reduce management company and fund expenses, and also has an advisory and solutions practice which can develop, implement and manage flexible service models including on-site and off-site co-sourcing teams working with service providers.
The alternative asset management industry currently spends USD15bn annually on middle and back office infrastructure growing at 20 per cent annually which equates to 65 bps on AUM. Convergence works with clients to reduce that spend and to ensure the appropriate balance between management company and fund expenses.
Gene Donnelly and John Phinney, co-founders, say: “As practicing industry CFOs, we were frustrated by the lack of independent, fact based benchmarking data for middle and back office functions. Convergence now provides this data along with advisory and staffing solutions to help asset managers achieve optimal performance across their infrastructure platforms.”