Fund Industry Growth in Luxembourg Drives Technology Needs
21 January 2004
CorrectNet today announced that it has deepened its commitment to the Luxembourg fund administration industry by opening a new data center supporting deployment of it web reporting services. "The Luxembourg funds industry grew by 7% in net assets (in US$) during the last year, to reach US$ 883.2 billion in 7,693 funds," comments Paul Mouton, Chief Executive Officer of Fitzrovia International plc. "Over 550 fund promoters from 36 countries in Luxembourg demonstrate the desire for fund managers to conduct business in this domicile."
CorrectNet, the leading provider of web reporting solutions to asset managers, launched its Luxembourg data center in response to client demands. "Many of our clients and prospects require services that are deployed from Luxembourg," explains Bob Miller, CEO of CorrectNet. "Our recently opened Luxembourg data center is a direct result of clients requesting web reporting services which ensure that reporting needs are serviced in country."
In building their data center, CorrectNet partnered with MCI to create an infrastructure that meets Tier-1 availability and performance requirements. "The fund industry is growing fast in Luxembourg and the web reporting solutions that CorrectNet provides are in high demand," commented Alfred Wilms, General Manager, MCI Luxembourg. CorrectNet's clients further benefit from web reporting solutions that respect jurisdictional requirements, while exceeding their most rigorous enterprise security standards. "We're happy to play an integral role enabling CorrectNet to satisfy those strategic industry needs," said Mr. Wilms.
CorrectNet's technology consolidates data from existing partner accounting, transfer agency, portfolio, performance and risk systems to create powerful web presentations of this data. Easy-to-use tools enable all views to be customized and permissioned on an individual fund manager or investor basis. Web reporting solutions provide highly integrated, real-time delivery of fund accounting, portfolio, performance and risk data via the Internet or intranets of CorrectNet clients. Advanced capabilities allow data to be enriched with third-party data and content as well as integrated with external tools for analytics. Further, the web services architecture allows firms to re-use the consolidated data and views within other applications. Please visit CorrectNet's web site for more information.
About CorrectNet, Inc.CorrectNet (www.correctnet.com) is the leader in Web Reporting and Data Consolidation solutions for administrators and asset managers. CorrectNet consolidates complex financial data from multiple existing accounting, portfolio, and performance systems, and securely delivers this information to fund managers and their investor/shareholders. Their proprietary technology transforms this data into powerful web-based presentations with drill-downs, charting, and third-party content. CorrectNet's Investor and Manager Reporting solutions are delivered as a turnkey service to over 750 firms through relationships with the leading fund administrators, prime brokers, and service providers.
About FitzroviaFitzrovia International plc (www.fitzrovia.com) is a leading independent investment fund research company. Based in London, the company's research covers 40,000 investment funds and share classes worldwide. Fitzrovia's Luxembourg Fund Encyclopaedia has been described as the "undisputed reference" for the industry and is now in its 10th year of production.
About MCI Luxembourg (BeLux)MCI Luxembourg (www.mci.lu) was launched in 1997 as the first alternative telecom operator to offer a completely independent fibre-optic network in Belgium and Luxembourg. A joint venture between MCI and Suez, MCI BeLux currently has more than 6,000 customers. One third of the Top 150 companies in Belgium including Atlas Copco, Fortis Bank, Glaverbel, IBM, Puilaetco, Solvay, Systemat and the Cabinet of the Prime Minister utilize MCI Belux services.
