Compliance Science is planning to open its first international office in London, according to a statement from the New York-based group. The consultancy group provides risk management and compliance services to financial firms such as private equity and real estate.
The expansion is in response to new regulation across Europe, including the Market Abuse Directive and MIFID II, the statement said.
“As market regulators increase the frequency and sophistication of their surveillance, it is more important than ever to arm UK and European buy- and sell-side financial services firms with the latest technology and tools to implement an effective compliance program,” said Compliance Science chief executive Mitchel Kraskin in a statement.
Other compliance consultants, including Kinetic Partners (which was recently acquired by Duff & Phelps) and Cordium, have noted an uptick in business following implementation of the Alternative Investment Fund Managers Directive and other regulations written in response to the financial crash.
About one in three private fund managers outsource all of their compliance function, according to a recent survey of C-suite finance professionals conducted by Cipperman Compliance Services. Another one third of respondents said a portion of compliance work is outsourced while the last third said compliance is handled completely in-house.
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