Key Takeaways
- • BPM, one of the 35 largest public accounting and advisory firms in the United States, has selected Allvue Systems as the technology foundation for its newly launched fund administration business, according to a Business Wire release from Allvue.
- • The practice will use Allvue's Fund Admin Essentials solution, which is designed for emerging and growth-stage fund administrators and includes multi-currency general ledger fund accounting, automated back-office workflows, a configurable investor portal, and self-service reporting.
- • Allvue's platform is cloud-native and built on Microsoft-based infrastructure, which BPM says will allow it to scale and deliver institutional-quality service from launch.
- • The deal signals continued consolidation of fund administration around purpose-built private markets software as accounting firms move into services for fund managers.
Summary
Allvue Systems, a provider of alternative investment software, announced that BPM LLP, a public accounting and advisory firm, has selected Allvue as the technology foundation for its newly launched fund administration business, according to the company's Business Wire release. The announcement did not disclose contract value or the number of clients the new practice expects to serve.
BPM will build its fund administration practice on Allvue's platform, combining BPM's accounting and client service expertise with Allvue's fund accounting, investor relations and data management capabilities. Danuta Fitzsimmons, Partner at BPM, said the platform gives the firm the operational infrastructure needed to deliver the transparency, accuracy and efficiency that fund managers expect. James DiCostanzo, Global Sales Director at Allvue, described BPM as a forward-thinking firm that recognized the importance of adopting the right technology from the start.
The service suite includes multi-currency general ledger capabilities, automated back-office workflows, a fully configurable investor portal and self-service reporting and dashboards. Allvue's Fund Admin Essentials package is aimed at emerging and growth-stage administrators and offers out-of-the-box workflows and self-service client onboarding tools. BPM, which is a Certified B Corp and was recognized on IPA's 100 Fastest-Growing Firms list, serves clients across consumer, financial and professional services, life sciences, real estate, technology and wine and agribusiness sectors.
BPM will build its fund administration practice on Allvue's platform, combining BPM's accounting and client service expertise with Allvue's fund accounting, investor relations and data management capabilities. Danuta Fitzsimmons, Partner at BPM, said the platform gives the firm the operational infrastructure needed to deliver the transparency, accuracy and efficiency that fund managers expect. James DiCostanzo, Global Sales Director at Allvue, described BPM as a forward-thinking firm that recognized the importance of adopting the right technology from the start.
The service suite includes multi-currency general ledger capabilities, automated back-office workflows, a fully configurable investor portal and self-service reporting and dashboards. Allvue's Fund Admin Essentials package is aimed at emerging and growth-stage administrators and offers out-of-the-box workflows and self-service client onboarding tools. BPM, which is a Certified B Corp and was recognized on IPA's 100 Fastest-Growing Firms list, serves clients across consumer, financial and professional services, life sciences, real estate, technology and wine and agribusiness sectors.
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