Fairfield, CT, September 18, 2013 --(PR.com
)-- Convergence, a benchmarking and advisory firm formed to work with alternative and traditional asset managers to achieve optimal performance across their infrastructure platforms, announced the launch of its new website – www.convergencellc.us.The firm’s management team has significant experience implementing highly efficient infrastructure at a number of today’s leading asset managers. By using proprietary benchmark data combined with analytical tools and models, the firm identifies opportunities to reduce clients’ Management Company and Fund expenses. Convergence also has Advisory and Solutions practices where it works the service providers to develop, implement and manage flexible service models, including on-site and off-site co-sourcing teams.
Seeking to reduce the Alternative Asset Management Industry’s $15B annual spend on middle and back office infrastructure, Convergence works with clients to ensure the appropriate balance between Management Company and Fund expenses. The Industry spend is currently growing at 20% annually, which equates to 65 bps on Assets Under Management (AUM).
“As practicing industry CFOs, we were frustrated by the lack of independent, fact-based benchmarking data for middle and back office functions,” Gene Donnelly and John Phinney, Co-Founders of Convergence, stated. “Convergence now provides this data along with advisory and staffing solutions to help asset managers achieve optimal performance across their infrastructure platforms.”
Convergence’s proprietary benchmarking services identify headcount and productivity difference between managers within the same peer group. Peer groups are customized by Convergence and the client. This data is provided for Asset Managers, Investors and Service Providers. The firm’s Advisory services identify reasons behind these benchmarking differences and present opportunities to improve efficiency, enhance controls and reduce infrastructure expanse. Convergence’s Solutions Implementation practice operationalize the opportunities identified from its benchmarking and advisory work and reduce the drag on Management fees and fund returns.
Convergence provides Asset Managers, Investors and Service Providers with data, tools, and models as well as practical experience implementing solutions that achieve optimal infrastructure performance. This is grounded in an Asset Manager's culture and business objectives.
Gene Donnelly Co-Founder held senior positions at Apollo Capital and PWC, John Phinney Co-Founder held senior positions at Apollo Capital, The Rohatyn Group, JPMorgan and Fidelity, George Evans Partner held senior positions at GlobeOp, Outsource Partners Int'l, BISYS, JPMorgan and the Prudential.
George Evans, Partner and Senior Managing Director
1150 Post Road #3
Fairfield, CT 06824-6040