Global investor services group, IQ-EQ, has launched a middle office service offering in Europe in response to demand from asset managers who are preparing for expected changes to settlement cycles and seeking to reduce staff costs.
This suite of middle office services includes bespoke outsourcing, co-sourcing and advisory services, covering all stages of fund management, from launch to wind-down, for liquid hedge funds. IQ-EQ’s outsourced solutions enable investment managers to implement an institutional trading architecture from day one, allowing them to focus on capital raising and investment decision-making.
This launch marks an expansion of IQ-EQ’s established U.S. middle office offering, building upon nearly two decades of service success in the U.S., and follows the SEC’s single day (T+1) trade settlement shift.
IQ-EQ’s middle office services are currently used by over 175 managers globally, providing day-to-day operational support including management of the complete post-trade lifecycle such as trade recording, reconciliation, break resolution and maintenance of shadow books.
“We’re delighted to extend our industry-leading middle office services to the European market,” said Paul Mattessich (shown in the main picture), Head of Outsourced Middle Office Services, Americas at IQ-EQ. “By building on our proven track record in the U.S., we can offer our EU and UK clients innovative middle office services to drive operational efficiencies and strategic growth of their businesses. Our goal is to enable our clients to focus on their core competencies and achieve their business objectives in a seamless and agile way.”
IQ-EQ’s team of more than 50 middle office operational experts collaborate with clients to implement trading architectures tailored to specific strategies, trading frequencies, investor bases and AUM targets, helping managers meet their goals in a more cost-effective environment.
“With the successful rollout of the move to a T+1 settlement cycle in the U.S. in May 2024, it’s likely we’ll see the adoption of a similar single-day settlement cycle across continental Europe and in the UK within the next 18 months,” Mattessich added.
Paul Griffith, IQ-EQ’s Chief Commercial Officer for Ireland, will oversee the implementation of this offering across Europe and the UK. He explained: “We’re seeing growing demand from managers for enhanced middle office services. Amidst current market volatility, fund managers are seeking to optimise their operational costs in the middle and back office. By extending our range of services to Europe and the UK, we’re positioned to offer more comprehensive support to our clients worldwide, ensuring they benefit from expertise and resources that are closely aligned with their evolving requirements.”
