Latest news

  • Meet the Fund Recs team at upcoming Industry events

    Upcoming Events

    Fund Recs are exhibiting, attending and speaking at a number of upcoming Funds Industry events. Feel free to get in touch about arranging a meeting or a demo.

    ALFI London Cocktail & Conference, London, Mon May 22nd to Tues May 23rd 2017 - Fund Recs will be exhibiting during the cocktail event and during the full day conference. Come say hello to Alan and Ciaran at our stand. Event details: http://www.alfi.lu/london17#event-event

    Irish Funds Annual Global Funds Conference, Dublin, Thur May 25th to Fri May 26th 2017 - Fund Recs will be attending the two days of this years confernce. http://www.irishfunds.ie/events/annual-global-funds-conference-2017

    FundForum International, Berlin, Mon June 12th to Wed June 14th 2017 - Fund Recs CEO, Alan Meaney, is speaking on a panel on Day 1 of FundForum. Event details: https://finance.knect365.com/fundforum-international/

    To arrange a meeting contact:

    Alan Meaney, CEO | alan@fundrecs.com

  • Apex Partners with Fund Recs for Reconciliations

    Apex Partners with Fund Recs for Reconciliations

    Full press release below:

    Dublin, 24th November 2016 - Apex Fund Services today announces the deployment of the Fund Recs Velocity software globally across the group.

    The rollout of Fund Recs Velocity platform throughout Apex creates further efficiencies by automating the administrator’s cash and portfolio reconciliation procedure whilst freeing up highly qualified resource from data processing tasks. Apex’s clients will benefit from straight through processing and customisable reporting.

    "We are delighted to announce Fund Recs Velocity platform will be rolled out at Apex Fund Services. Combining our technology with the expertise of the Apex personnel creates enormous value for both Apex’s current and prospective clients. We look forward to working in partnership with Apex as we develop the Industries first Straight Through Reconciliation platform.” Said Alan Meaney, CEO of Fund Recs.

    Anthony O’Driscoll, Chief Operating Officer added "The deployment of the Fund Recs software across the Apex group is indicative of our commitment, as a global brand, to delivering exceptional service by utilising the best in class technologies and continually improving efficiencies. We look forward to delivering enhanced reporting services to our global client base as we continue to grow and expand our service offering."

    -ends-

    About Fund Recs

    Fund Recs develops cloud-based reconciliation software for the Funds Industry, replacing outdated enterprise software with a pay-as-you-go Software-as-a-Service (SaaS). The Fund Recs software simplifies complex reconciliation in the funds industry reducing the time to complete reconciliations by up to 90%. Fund Recs mission is to automate and improve the valuation of funds. Founded in 2013 Fund Recs has offices in Dublin and Waterford, Ireland. In May 2016 Fund Recs was named “European Startup of the Year” at the ICT Spring Conference in Luxembourg.

    About Apex Fund Services

    Apex Fund Services, established in Bermuda in 2003, is one of the world’s largest specialist fund administration and middle office solutions providers. Apex has continually improved and evolved its product suite by surrounding these core administrative services with additional products spanning the full value chain; from information delivery and regulatory products to capital introduction services. The globally distributed service model is delivered by over 600 staff across 23 full service centres and an additional 10 sales offices. Apex now administers the investments of some of the largest funds and institutional investors in the world.

    Media Contacts

    Fund Recs Contact: Alan Meaney, CEO | alan@fundrecs.com

    Apex Contact: Rosie Guest, Global Marketing Director | rosie@apexfunds.co.uk

  • Funds startup firm Fund Recs goes for growth

    Fund Recs featured in the Irish Examiner. Read the full article here

    Gearing up for expansion in 2017, Waterford startup Fund Recs now has its sights on fund administration markets in Luxembourg, London and New York.

    European Award

    Winner of a European ICT Startup award in May, the automated reconciliation software company has this year grown staff from four to nine and taken on a third significant client.

    Waterford Awards
  • Fund Recs wins European Startup of the Year

    Fund Recs has been named as European Startup of the Year at the ICT Spring Conference in Luxembourg.

    ICT Spring is a technology event that brings together over 6,000 professionals, investors and startups from over 72 countries. Fund Recs collected the award at last nights Gala Dinner attended by over 600 special guests.

    Our Research team based in Arclabs Research and Innovation centre in Waterford are developing real solutions to real client problems and this award is a testament to the progress we've made over the last 18 months.

    Alan Meaney - CEO, Fund Recs

    Pictured below are Ciaran, Alan and Des collecting the award last night:

    European Startup of the Year European Startup of the Year
  • Fund Recs shortlisted for awards

    We're delighted to share that Fund Recs has been nominated for awards both at home in Ireland and also on a European stage.

    European Fintech 100

    These awards are split 25/75 between a public vote and a judging panel. We'd really appreciate 2 mins of your time to vote for us. Click below to cast your vote:

    Waterford Business Awards

    Back at home we've been shortlisted in the Innovation and Technology category for the Waterford Business Awards. We'll be sure to post photos of the night and are looking forward to meeting the other shortlisted businesses.

    Waterford Awards
  • Capita Asset Services moves to automated cash and portfolio reconciliation

    - Fund Recs extends contract with Capita Asset Services

    We worked closely with Capita to develop a solution that met its requirements and look forward to this second phase of work with the company, which follows the successful deployment of the Fund Recs trade capture module last year.

    Alan Meaney - Co-founder, Fund Recs

    Full press release below:

    Dublin, 4th February 2016 - Capita Asset Services announces it is working with Irish fintech start-up, Fund Recs, to automate its cash and portfolio reconciliation process.

    The cloud-based software will automatically reconcile broker and custodian data to Capita's fund accounting system, InvestOne Enterprise. Clients will benefit from enhanced and user friendly reporting.

    Paul Burke, senior manager fund accounting, Capita Asset Services, said: "Enhanced reporting will provide our clients with information concerning the cash and portfolio of their funds at a glance and the solution will further aid our Net Asset Value (NAV) process and deliverables. This investment not only prepares us for the reporting requirements of the incoming UCITS V regulations, but also provides a solid foundation for future technical innovation."

    Alan Meaney, director of Fund Recs, said: "We worked closely with Capita to develop a solution that met its requirements and look forward to this second phase of work with the company, which follows the successful deployment of the Fund Recs trade capture module last year."

    -ends-

    For further information please contact:
    Alan Meaney on alan@fundrecs.com

    About Fund Recs
    Find out more at www.fundrecs.com

    About Capita Asset Services

    Capita Asset Services' fund solutions business is part of Capita plc, a FTSE 100 company with market capitalisation of around US$7.5bn. The fund solutions business employs 500 employees servicing over 300 funds in the UK, Ireland, Luxembourg and the Channel Islands with over £70bn of assets under administration at 31 March 2015.

    Capita Financial Administrators (Ireland) Limited, regulated by the Central Bank of Ireland, is one of the fastest growing Irish fund administration companies specialising in the administration of both Irish domiciled funds (UCITS and non-UCITS) as well as funds domiciled in the Cayman Islands and the British Virgin Islands.

    Capita plc is a leading UK provider of technology-enabled customer and business process services and integrated professional support services. With 74,000 people at over 400 sites, including 80 business centres across the UK, Europe, India and South Africa, Capita uses its expertise, infrastructure and scale benefits to transform its clients' services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of the FTSE 100 with 2014 revenue of £4.4 billion. Further information on Capita can be found at: www.capita.co.uk

  • Fund Recs featured in PwC's Private Business Matters magazine


  • Fund Recs launches Velocity platform for Fund Administrators

    Velocity logo

    Following the successful roll out to clients, Fund Recs is announcing the launch of Velocity which facilitates the streamlined collection and reconciliation of data on the Funds serviced by Administrators.

    Fund Recs was founded in 2013 to fix broken reconciliations, solving for the first time a significant pain point for the Global Funds Industry. Velocity allows administrators to automate trade capture, cash and position reconciliations, improving efficiency and reducing the operational risk of manual error. Velocity provides a live overview of operational progress, identifies break risks as well as the automatic collection of key performance indicators.

    Velocity is fully user configurable, reducing the need for support by clients internal IT teams. Non-technical users can manage data streams, flows and mappings through user screens, removing unnecessary bottlenecks that traditionally required IT intervention.

    Contracts secured on the Velocity platform in recent months have included Mitsubishi UFJ Fund Services and Capita Asset Services. Fund Recs expects to announce new clients on the platform in the coming months as more and more companies continue to transition to the next wave of innovative vendors.

    Outside of its initial core modules Fund Recs is working with its partners to increase the efficiency and transparency of the full fund valuation process. Additional modules are in development as Fund Recs takes a fresh look at the entire Fund Administration life cycle, using the latest technology to create the next generation of industry best practices.

    Ireland is recognised as the world's centre of excellence for Fund Administration. By the end of 2014 there was over 3.2 trillion of assets under administration in Ireland across 13,193 funds. 19 of the top 20 fund administrators have a presence there and the industry employs over 12,000 highly skilled staff. With offices in both Dublin and Waterford, Fund Recs is best placed to deliver the Velocity solution to global clients.

    Commenting on their announcement today, Alan Meaney, CEO of Fund Recs, said "We're really excited to show off the Velocity technology we've developed over the last 18 months. The Fund Administration industry's problem of high costs and relatively low margins has been no secret. Velocity addresses this issue head on by transforming staff from data processors to data analysers. We wouldn't have made it this far without the fantastic feedback and encouragement we've had from our early clients so I'd like to give them a special mention as we reach another important milestone on our journey to automate the valuation process".

    For further information contact:

    Alan Meaney, CEO Fund Recs

    alan@fundrecs.com

    Tel: +353 87 767 8844

    About Fund Recs

    Fund Recs develops cloud-based reconciliation software for the Funds Industry, replacing outdated enterprise software with a pay-as-you-go Software-as-a-Service (SaaS). The Fund Recs software simplifies complex reconciliation in the funds industry reducing the time to complete reconciliations by up to 90%. Fund Recs mission is to automate and improve the valuation of funds. Founded in 2013 Fund Recs has offices in Dublin and Waterford, Ireland. Investors include Enterprise Ireland and Telefonica.

    Statistics referencehttp://www.irishfunds.ie/fs/doc/statistics/stats-factsheet-december-2014-copy-2.pdf

  • Fund Recs wins Googles 'Best Promotion of Business Online' at Irelands Best Young Entrepreneur Awards

    Padraig award

    Colin Goulding, Head of SME Publishers, EMEA, Google presenting Padraig with his award


    We're delighted to share that Fund Recs Co-founder Padraig O'Scanaill picked up the award from Google for 'Best Promotion of Business Online' at yesterday's Irelands Best Young Entrepreneur Awards held in Googles Foundry building in Barrow Street, Dublin. While Padraig was also one of the three finalists announced on the day in the Start-up Business Category he lost out to eventual overall winner Eamon Keane of Xpreso.

    With over 1,000 entries in the inaugural IBYE competition, winning the Google award is a fantastic achievement for both Padraig and Fund Recs. It is also a privilege to have been named in the final nine of the twenty-four finalists. The competition was extremely tough and the pitches on the day were from businesses with real opportunities on the global stage. If yesterday was any indicator, the future of business and innovation in Ireland is very bright.

    Padraig was humbled and honoured by the whole Irelands Best Young Entrepreneur experience.

    "The IBYE journey has been invaluable for both myself and Fund Recs. It's really helped shape our business proposition and the supports we've already received from the competition have directly helped us to create employment in our company. We honestly thought being shortlisted in Waterford was a great honour. To go on and win that, the regional finals, and now this award has far exceeded our expectations. There are many people who helped me during the competition including the IBYE mentors and organisers and I'd like to thank them all for their support. Special thanks to Ciaran Cullen, Head of Local Enterprise at the Local Enterprise Office Waterford City and his wife Tracey who travelled up on the day to cheer on #teamWaterford." he said.

    The competition was launched earlier this year as part of the Irish Governments Action Plan for Jobs 2014. Below is Padraig meeting Minister for Jobs, Enterprise and Innovation Richard Bruton TD, at our offices in Wayra.

    Padraig award
  • Fund Recs partners with CloudMargin to offer the first fully integrated, cloud based collateral management and portfolio reconciliation platform

    Padraig award

    Dublin and London, 24th November 2014 - Cloud based financial services technology providers Fund Recs and CloudMargin today announced a partnership to offer the first fully integrated, cloud based collateral management and portfolio reconciliation platform. This partnership meets the needs of derivatives users looking to improve processing efficiency, minimize risk and meet the regulatory requirement to reconcile portfolios mandated by EMIR.

    Fund Recs adds the essential operational control and key collateral dispute resolution tool of portfolio reconciliations, a requirement for regulatory compliance under EMIR, into a single user interface with CloudMargin.

    CloudMargin offers clients optimized end-to-end collateral management workflow for the full spectrum of margined products such as OTC bilateral and cleared derivatives, futures and options, repo and reinsurance.

    Andy Davies, CEO of CloudMargin comments: "Clients are increasingly rejecting the outdated technology, high prices and slow implementation of traditional financial technology companies. They are looking for state of the art services that simultaneously empower them to run an efficient, controlled business and comply with their regulatory obligations. Whether the client's prime focus is monitoring counterparty risk, optimizing balance sheet inventory or reconciling their portfolios, CloudMargin and FundRecs together provide the solution the market needs and we're delighted to enter into this partnership."

    Alan Meaney, Director of Fund Recs added: "We are thrilled to formally announce our partnership with Cloud Margin. The team at CloudMargin shares our vision for the new breed of financial services software - innovative, value creating and backed up by industry expertise. Just as we are reimagining reconciliations at Fund Recs the team at CloudMargin are leveraging their years of experience in Collateral Management to create a new, user focused Collateral Management solution. This partnership will allow us to integrate data on both our platforms to benefit our shared customers by reducing the need to send out similar data sets to multiple vendors."

    About CloudMargin
    CloudMargin is the collateral management technology provider meeting the growing needs of derivatives end-users for an affordable, understandable and functionally complete alternative to spreadsheets and manual processes. Focusing on derivatives end-users such as corporate treasurers, insurers, pension funds and asset managers allows CloudMargin to avoid the unnecessary and expensive complications of sell-side focused solutions and instead deliver a cost-effective and understandable web-based platform. Low-cost "pay as you go" menu-based pricing means the end to lengthy technology contracts with punitive exit clauses and costly upgrade cycles. The simple yet powerful web-based interface gives total visibility of proprietary and counterparty or CCP positions while state of the art data visualization and reporting puts clients firmly in control of their businesses.

    www.cloudmargin.com

    Andy Davies, CEO, Tel: +44 (0) 20 3397 5671

    andy.davies@cloudmargin.com

    About Fund Recs

    Fund Recs develops cloud based reconciliation software for the Funds Industry, replacing prehistoric enterprise software with pay as you go Software as a Service. We help firms make complex reconciliations simple. Reconciling data is a core operational function in the Funds Industry. Comparing two data sets, a simple process in theory, becomes increasing complex as you deal with multiple parties (40+ plus brokers) with different formats and delivery methods. We solve the problem of fragmented data by putting the power into the end users hands and by passing IT. Fund Recs was founded in 2013 and has offices in Dublin and Waterford, Ireland. Our investors include Enterprise Ireland and Telefonica.

    www.fundrecs.com

    Alan Meaney, Director, Tel: +353 87 767 8844

    alan@fundrecs.com

  • Irish start-up wins contract with Capita Asset Services

    - Capita Asset Services chooses Fund Recs for trade processing

    We're delighted to welcome Capita Asset Services as a client of Fund Recs.

    Alan Meaney - Co-founder, Fund Recs

    Full press release below:

    Dublin, 10 November 2014 - Irish start-up, Fund Recs, today announced that it has secured a major new contract with Capita Asset Services, part of FTSE 100 company Capita Plc. Under the new contract Fund Recs, which develops cloud based reconciliation software for the funds industry, will provide trade processing solutions for Capita's fund business in Ireland. Fund Recs software will be used to automatically capture trades from Fund Managers and post them to Capita's internal fund accounting system.

    Fund Recs was founded in 2013 to provide reconciliation software to global fund administrators. Its software allows companies automate the reconciliation of Cash, Position and FX holdings on the funds they administer thereby removing the operational risk of manual mistakes. Fund Recs also provides a manager dashboard giving a live overview of operational progress as well as automatically collecting key performance indicators.

    By April 2014 Ireland's fund administration industry hit an all-time high of over 2.8 trillion in assets under administration, reinforcing its position as the number one hedge fund servicing centre in the world with 40% of global assets*. Over 12,000 people are employed directly in fund administration across the island with regional hubs such as Limerick and Cork adding to the traditional centres of Dublin and the IFSC.

    Commenting on the new contract, Alan Meaney, Director of Fund Recs, said "We are excited to be working with Capita Asset Services and are delighted they've chosen Fund Recs as their trade processing solution. Our experience and technology are enabling Capita Asset Services transition to a Straight Through Processing (STP) model. This automated model helps reduce operational risk and will also provide additional transparency. As an innovation partner we're actively working with firms similar to Capita Asset Services to create value by finding better ways to do things and also explore new services to drive revenue growth."

    Paul Burke, senior manager, fund accounting for Capita Financial Administrators (Ireland) Limited in Dublin, said "Fund Recs was successful in our competitive trade capture RFP process, primarily for two reasons; fully understanding their clients' requirements and a user friendly solution that reduces manual risk. Fund Recs commitment to the process should enhance Capita's operational model. "

    Having already secured initial investment from Enterprise Ireland since it was founded, Fund Recs is currently accelerating its business in Wayra, one of Ireland's leading digital start-up accelerators. Wayra provides early stage investment to start-ups as well as a dedicated state-of-the-art workspace, access to market leading experts and the channels-to-market necessary to accelerate commercialisation including favourable terms with leading technology suppliers.

    * http://irishfunds.ie/fs/doc/statistics/stats-factsheet-april-2014-ppt.pdf

    -ends-

    For further information please contact:
    Alan Meaney on alan@fundrecs.com

    About Fund Recs
    Find out more at www.fundrecs.com

    About Capita Asset Services

    Capita Asset Services' fund solutions business is part of Capita plc, a FTSE 100 company with market capitalisation of around US$12bn. The fund solutions business employs 550 employees servicing over 300 funds in the UK, Ireland, Luxembourg and the Channel Islands with over US$80bn of assets under administration at 30 September 2014.

    Capita Financial Administrators (Ireland) Limited, regulated by the Central Bank of Ireland, is one of the fastest growing Irish fund administration companies specialising in the administration of both Irish domiciled funds (UCITS and non-UCITS) as well as funds domiciled in the Cayman Islands and the British Virgin Islands.

  • Padraig named Waterford Young Entrepreneur of the Year

    We're excited to share that Fund Recs co-founder Padraig O'Scanaill has been named Waterford Young Entrepreneur of the year in the start up category. Padraig now progresses to the regional finals in Cork.http://www.waterfordchamber.com/index.php/about-waterford/2330-waterfords-best-young-entrepreneurs-win-investment-of-50000

    Padraig award
  • Fund Recs profiled on Dow Jones Financial News

    Fund Recs was profiled by Anna Irrera on the popular Financial News. You can view the article here: http://thetally.efinancialnews.com/2014/08/fn-fintech-focus-fund-recs/

    Hedge Fund Insight
  • Fund Recs whitepaper published on Hedge Fund Insight

    "AIFMD Depositary: Developing an Operating Model", a recent whitepaper co-authored with Shane Brett of Global Perspectives, has been picked up and published on Hedge Fund Insight. You can view the article here: http://www.hedgefundinsight.org/about-hegdefund-insight/

    Hedge Fund Insight
  • Fund Recs at IFIA Annual Global Funds Conference 2014

    We really enjoyed our day at the IFIA Annual Global Funds Conference. It was great to meet both old faces and new. A special thanks to Carol and the team at the IFIA for putting on such a great event. It was also humbling to hear Pat Lardner mention Fund Recs in his closing remarks.

    Enterprise Ireland
  • Fund Recs announces investment from Enterprise Ireland

    Fund Recs is delighted to announce that Enterprise Ireland has come on board as an investor in the company through it's Competitive Start Fund. Commenting on the news Co-founder Alan Meaney said "We're delighted to have Enterprise Ireland on as investors. It validates what we're doing with Fund Recs and Enterprise Ireland share our vision of combining the latest technology with the Funds expertise available in Ireland to create innovative solutions."

    Enterprise Ireland
  • Fund Recs to host AIFMD Depositary breakfast briefing

    Join us at our breakfast briefing to hear the latest AIFMD developments with a specific focus on the Depositary function.

    There will be an opportunity to ask the panel questions after the final speaker.

    Complimentary tea/coffee and pastries will be provided on the morning along with a goodie bag from Fund Recs.

    Click here to grab a free ticket

  • Startup Story - Introducing Fund Recs

    Fund Recs provides reconciliation software to Global Fund Administrators. Our software allows these companies automate the reconciliation of Cash, Position and FX holdings on the Funds they administer. We're providing an alternative to having this work carried out in low cost bases such as India and as an upgrade to legacy in-house systems. Read more...

    Startups.ie
  • Company finds its niche in funds industry

    Signing up their first client earlier this month was a land-mark event for the founders of software start-up Fund Recs. Read more...

    Sunday Business Post
  • GUEST BLOG: New Year - time to start your own business?

    By the end of 2013 Ireland's fund administration industry hit an all-time high of over 2.5 trillion in assets under administration, reinforcing its position as the number one hedge fund servicing centre in the world with 43% of global assets and also boasting the fastest growing UCITS domicile. Read more...

    Business and Finance
  • Fund Recs featured as a "New Innovator" in the Irish Times

    Funds administration is a key part of the Irish financial services landscape. It's also a highly competitive industry with tight margins. According to Alan Meaney co-founder of start-up company, Fund Recs, this has led to an increased amount of routine processing work being outsourced to locations outside Ireland. Read more...

    Irish Times
  • Fund Recs named Tech start-up of the week

    Our start-up of the week is Fund Recs, provider of reconciliation software to global fund administration companies. Fund Recs provides an alternative to outsourcing reconciliation work to low-cost bases, such as India, and offers upgraded technology to replace legacy in-house systems. Read more...

    Silicon Republic

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