Praxis collaborates with Allvue Systems to deliver customer-centric innovation in international fund administration

Praxis has selected alternative investment software provider Allvue Systems to enhance its fund administration services. 

This move further aligns with the firm's commitment to providing future-proof, client-centric solutions. The collaboration is part of the firm's strategic plan to offer comprehensive, efficient, and independent service solutions that leverage best-in-class technology.

Praxis provides fund administration services to institutional, private equity, venture capital, family offices, and private clients. Ava Fairclough, Group Head of Corporate Services, emphasised the importance of selecting a technology provider that can scale with the business and facilitate superior client support: "We selected Allvue's Fund Administration Essentials because it is a client-centric solution that can grow with us and our clients. Its innovative and award-winning fund accounting platform and investor relations tools empower our clients to run their funds efficiently now, and in the years ahead.

"Having a system that is scalable and backed by a customer-centric team was a priority for us.  Allvue's team is relationship-driven and forward-looking, providing technology that evolves with market demands. We can drive value for our clients in managing fund accounting and ensuring that they have the necessary data and portfolio management tools to thrive."

The longest-serving fund administrator in the ADGM, where it has been licenced to provide administration services to collective investment funds since 2017, Praxis is initially focusing on providing Allvue's Fund Administrations Essentials Solution in its Middle East operation. Granted the first Trustee licence from the ADGM Financial Services Regulatory Authority in 2016, Praxis' licence was extended in August 2021 to include Company Service Provider (CSP) activity.

Dan Toft, Director and Senior Executive Officer at Praxis in the UAE, added: "As the first and longest-running authorised provider of fund admin services in the region, this latest enhancement reflects our ongoing commitment to clients. The Middle East continues to attract record levels of both local and international funds[1], attracted by the regulatory and business environment and the region's strategic location. 

"With Allvue's Fund Administration Essentials solution, we can manage the complex fund structures and unique financial reporting requirements of private fund managers efficiently and with full transparency," Dan said.

The purpose-built software streamlines back-office financial management and reporting.  Allvue's solution is also designed to give fund administrators like Praxis the tools to deliver real-time data and insights to its general partners and their investors. The technology enables Praxis to manage fund operations efficiently while giving investors transparent access to underlying portfolio performance.

James DiCostanzo, Global Head of Fund Administration at Allvue, said, "Praxis' mission to embrace future-proof solutions for the funds it works with aligns with our technology philosophy.

“Allvue's Fund Administration Essentials solution set for fund administrators enables firms like Praxis and their clients to grow at scale and achieve operational efficiency by leveraging best of breed technology.  We look forward to supporting Praxis as they it continues to engage in the market as a trusted provider of valuable fund administration services."

Praxis' fund administration services guide fund managers through the regulatory set-up and fund formation process, and Fund Administration Essentials was built with emerging and growing funds in mind, offering turnkey solutions that grow with firms.