Service update: Latest moves in fund admin – July 2012

CAIS now services the private equity world, Apex grows its US operations and Xpert Financial halves in size.

• Financial technology company CAIS will now provide its platform to private equity clients. Investment firm Partners Group has already chosen CAIS as it looks to reach the US independent wealth management market.

• eFront, an industry software provider, said the European Investment Fund, which invests in small and mid-sized businesses, has upgraded its systems to the latest version of the company’s portal FrontInvest. For GPs FrontInvest offers a platform for all front and back office processes, including general ledger accounting, portfolio monitoring, deal tracking and investor relations.

• Fast growing Apex Fund Services has opened its second US office in Miami, Florida. Vince Sarullo, managing director of the company’s US operations, who works in the company’s New Jersey office will take responsibility for Miami. He will be joined by Apex’s global head of business development, Thalius Hecksher, to spearhead Latin American and US activity.

• Xpert Financial, an online platform for private company investing, has fired more than half of its staff, according to CNN’s Fortune magazine. The company now is down to just 10 employees, confirmed chief executive Thomas Foley in an interview with Fortune. Foley said that the company has decided to refocus on its investment platform product and away from offering investment banking solutions.

• Gravitas, a financial services provider, has launched a cloud computing solution designed for all alternative asset managers, from start-up to established funds. The cloud has been designed for hosting, development and disaster recovery of data.