NES Financial has appointed Prudential Investment’s Jeffrey Deitrich as the first member of its private equity advisory board.
Deitrich will continue his role managing the $2 billion real estate fund at Prudential Investment, while advising the US fund manager on growing its private equity technology client base.
Previously, Deitrich was vice-president of Silverstein Properties, a New York-based real estate investment management and development firm.
NES Financial provides back office technology services to private equity and real estate firms. Its web platform offers private equity funds automated administration capabilities for LP reporting, viewing fund and asset-level performance data, and transparency of fee allocations and reporting documents.
Back office technology needs to integrate ‘big data’ capabilities to remain innovative, said NES Financial CEO, Michael Halloran.
“Fund administration today is driven primarily by accountants and bankers, and while that expertise is crucial there needs to be the addition of expertise in big data, integration of core business processes, and technology to cross the chasm to delivering the next generation of fund services that the private equity marketplace needs,” he said.
“In fund technology, the detail that provides value to limited partners is fund and asset-level performance data, and complete transparency of fee allocations and reporting documentation. Particularly considering the Securities and Exchange Commission’s focus on information security and recent enforcement actions and fines within the PE sector, technology needs to provide bulletproof information security procedures.”