Cloud based asset management system incorporating Front, Back and Middle office from a single database

From the developers of three previous asset management systems that were used around the world. Our rules based design makes the system relevant in any jurisdiction and for any fund structure.

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About Cumulus

Cumulus Investment Solutions Limited is a software company created to design and build the Quartz Asset Management System. The company started in 2011 and after a one-year design phase set about building the software with Avenir. Quartz is the first of its kind and is designed for the cloud. It encompasses all aspects of a fund managers’ operations from Front to Back from a single database.

The founders of Cumulus have over 50 years’ experience in the asset management industry. They have been responsible for the creation of three systems to serve the Fund Management industry. The first of these in the late 80’s was a piece of packaged software called Total Investment Management and Accounting System (TIMAS) that was adapted for the use of GT Management. In the early 90’s they were then given a budget of £19 Million to develop an Oracle based system to be used by all of the GT offices globally (pre-internet). This system formed the basis of the AAMS system that they developed for themselves at Phoenix Fund Services. The founders of Cumulus created Phoenix in 1998 to provide administration services to Fund Managers. They now wish to exploit the internet and ‘Cloud’ to deliver something truly ground-breaking. Cumulus Investment Solutions is a part of the Avenir Group Ltd.

What is Quartz ?

Quartz is the first Asset Management System designed for the cloud that encompasses all aspects of a fund managers’ operations from Front to Back from a single database.

Why Quartz ?

New

  • Existing software is aging, expensive and fragmented, its operation relies heavily on FTP to keep disparate databases functioning. Reconciliation is extensive and costly.

Cloud

  • New initiatives around Cloud computing look to replicate existing inefficiencies in a Cloud environment.

Sales Boost

  • The system should appeal to Third Party Administrators as they will be able to offer front office tools -that are integrated into their administration platform. They will gain a sales tool without reducing their efficiency. Pre-trade compliance will add to this offering.

Global

  • Fund Managers having regional offices in the countries where the investment is made, need a means of managing their global mandates in a way that is location independent.

End-to-end solution

  • The system has been developed over a three-year period. However, it is the culmination of 30 years of experience in the design of asset management systems that make this system unique. The designers have created a system that can be easily adapted for any fund structure, financial instrument or compliance regime. All of this in a Cloud or Private Cloud environment.

OUR USP

Cloud Based
Front to back
Single database
Multi-jurisdictional / Instrument Type / Currency
Flexible Chart of Accounts
Disaster Recovery
New

Whilst we believe that in 5 year's time the ‘Cloud’ will be part of every businesses data storage procedures, we understand that today companies may have reservations about security. We therefore offer the Quartz solution in a Private Cloud as well a Cloud environment.

The situation with system used by the asset management industry has become extremely complicated. Companies have different software to cater for Front Office, Trade Processing, Accounting and Compliance. This has been exacerbated by the emergence of alternative instrument (Derivatives) that are handled by completely different software. A mess. Cumulus offers software that covers all aspects of fund management for all instruments in all all jurisdictions.

All of this is done from a single database. We have no Data Warehouse, no FTP. We do have a single database where data is used rather than copied pasted somewhere else so that it can used.

Our rules based approach means that a single instance of the software can cater for different funds,different jurisdictions, different instruments and multiple currencies.

The system has a flexible Chart of Accounts (COA) that allows the users to determine how a fund works. Having double entry as a basis for the system gives assurance that the valuation process is accurate.

The Cloud lends itself to great DR capabilities.

Most software in the industry is approaching middle age. Quartz is a new system designed with the Cloud at its center. It has not morphed from a banking or nother financial system. A 1400-page system specification was completed before a single line of code was ‘cut’.

System

Order Management

The system allows managers to model trades/portfolio’s and then pass order to an Blotter, where they can be worked in the market. The system is integrated with FIX for managers who wish to automate this process. The system has pre-trade compliance to flag potential problems during the order creation process. Managers with more complicated trading programs can up-load trades into the system via a trade upload facility that will also be subject to compliance checks.

Compliance

Our Compliance section allows rules to be established around any data elements. These rules can then be ‘Grouped’ to create a set of rules associated with a particular regulatory regime. Further to this, a list of eligible markets can be established and limits set to restrict investment outside these countries. A Compliance Dashboard allows compliance professionals to monitor breaches and trading activity.

Trade Processing

The system has its own Standing Settlement Instructions database (SSI) and can be linked to confirmation and settlement systems to automate the entire process.

Income

Income can be generated by Investment Vehicle automating this function across multiple funds. Tax rates can be established depending upon the domicile of the Investment Vehicle and Fund.

Corporate Actions

Like income, corporate actions are processed for an Investment vehicle and then transactions created across multiple funds. A flexible means of creating Events means that any holding can be ‘Spun off’ into multiple holdings.

Fund Accounting

Fund Accounting is at the heart of the system. The system has multiple Chart of Accounts meaning that different rules can be established for different funds giving the system global reach. Orders created by managers can generate accounting entries making a fund accountant’s job more monitoring than processing. The system will create new standards of fund to the fund accountant ratio.

Prices & Exchange Rates

Flexible connection methods exist to allow files to be retrieved from any data vendor. Exception rules can be created that will then automate the verification of these files.

Data Maintenance

ISO standards are used throughout. GIPS is also central to the system to allow for standardised performance reporting.

Our Team

Steve

Chairman

Steve King is Chairman of Avenir Group and founder of Cumulus Investment Solutions. He has spent 13 years building three successful businesses in the Global Asset Management Industry, with an Asset value of $10 Billion under management, taking Phoenix Fund Administration Services (Phoenix) from start up to circa $10 million (2012) turnover and three to 65 people.

Raymond O'Neill

Director

With 26 years’ experience in the Asset Management industry in London, Dublin, Boston and Bermuda, Raymond has held leadership positons in both global organisations and entrepreneurial start-ups. He has worked with clients in an advisory, audit and risk management capacity, conducted a variety of acquisitions and office launches and acts as a Director of numerous regulated companies and investment funds. More recently, Raymond was a founding partner and CEO of Kinetic Partners. He is a Fellow of the Chartered Association of Certified Accountants (FCCA), a Member of the Chartered Financial Analyst Association (CFA) and a Certifed Director with the Institute of Directors (IoD).

Al-Noor Ramji

Director

Al-Noor is one of the best-known figures in Information Technology in the City of London. He was founder and CEO of WebTek Software, one of the most successful software houses in India. He then became a Director of Misys Plc, provider of systems to the largest banking organisations. Prior to this he served as a Global CIO at Dresdner Kleinwort Benson following a number of senior IT and business positons with Swiss Bank Corporation and Credit Suisse First Boston. He has also served as CEO of BT Exact, BT's Research & Technology division, CEO of BT Global Services and CIO of BT Group PLC.