FundRock Partners beats its 2019 targets exceeding £10bn of AuM at the end of November.
FundRock Partners Ltd (FP), FundRock Group’s UK business, acts as a fund operator providing ACD services to OEICs and AFM services to Unit Trusts and acts as operator for Authorised Contractual Schemes (ACS) for a total of £10.7bn in AuM. Located in London, FP currently manages over 60 funds for 17 asset managers and owners.
Being part of FundRock Group, which recently celebrated 15 years in business, FP has enhanced its offering and capabilities by leveraging off the strong controls and systems in place and is servicing clients through a well-established and robust framework.
2019 was a key year for the UK business. Driven by the client-centric approach that pervades FundRock’s strategy, FP decided to restructure in order to adapt to its clients increasing needs and to ensure they can avail themselves of the group capabilities.
Over 2019, FundRock Group with the support of its shareholder, significantly invested in systems and technology for the UK business, with the aim of providing seamless service to all the clients and facilitating cross-functional support across the group. FP now uses best in breed systems of stress testing and liquidity monitoring and can rely on additional resources from FundRock’s operational hub in Limerick, Ireland to ensure exceptional client service.
In times of increased regulatory scrutiny and with a strong focus on good governance, FP took action to enhance its respective framework and safeguard its clients by appointing 2 new Independent Directors to its Board and creating a Strategic Committee dedicated to the UK market. In Q4, FundRock Partners also appointed Simon Gunson as Managing Director, bringing in deep and broad industry experience as well as the acumen needed to propel the business forward. These appointments were vital to accelerating integration within FundRock Group, solidifying FundRock’s roots in the UK market, fortifying the business against any Brexit outcome and further strengthening its corporate governance model.
Despite the loss of a key client and significant restructuring, year-end finds the UK business profitable as it experienced unprecedented growth with AuM increasing by 60% year on year. Continuous client trust is a testament to FundRock Partners growth trajectory. The business is well placed for growth with a further £4.4bn of AuM to be on-boarded in the first half of the 2020. This will bring FP’s AuM above £15bn.
In the rise of the new decade, FundRock Group, with more than 130 employees across five global hubs is committed to creating a new legacy in continuously seeking new and more efficient and technologically enriched ways to deliver services to clients and FundRock Partners will be a key pillar of succeeding in this mission.