Convergence Announces Record 2018 Client Growth, Marketplace Leadership and Expansion
Convergence announces a record year of revenue and client growth, several structural changes and an award.
SOUTH NORWALK, Conn., Feb. 20, 2019 /PRNewswire-PRWeb/ -- Convergence announced a record year in 2018 in terms of revenue and client growth. The firm services Advisors, Service Providers and Institutional Investors in the $15.5T Alternative Asset management industry. Convergence Fund Administrator and Global Trust clients service $8.7T or 56% of the market, Fund Audit clients service $9.45T or 61% of the market and Prime Brokerage clients service $2.4T or 35% of the market.
"We want to thank our clients who embrace and use Convergence's data and insights to improve their client growth, due diligence efforts and profitability agendas," said Co–President George Evans. Convergence clients are among the leading firms in each of the 3 major market segments it serves.
"The Convergence database is unique. It contains full profile data on 35,000 Advisers conducting business in 51 countries and the 150,000 public and private funds they manage. Our data is collected, curated and enriched daily with proprietary algorithms that produce key 'insights.' These 'insights' pinpoint opportunities and challenges that are used by Advisers to improve fund raising efforts, by Service Providers to improve their client experience and increase revenues and profits and by Assets Allocators to dynamically identify and manage Operating, Regulatory and Service Provider risk in the single managers they have invested in," noted CEO and Co-President John Phinney. "Our products are segmented into Advisor Research, Surveillance and Risk Ratings categories."
Convergence also announced several structural changes to its business. George Gainer will lead Client Management, Vidya Minukuri will lead Operations, Data Science and Product Management and Peter O'Toole will lead the firm's Audit Segment. It also announced the opening of an EMEA office, and a recent award received by ACQUISITION INTERNATIONAL MAGAZINE 2019 for Best Hedge Fund and PE Fund Database – 2019. These awards are presented to recognize the best firm delivering a high level of data and analytics to a diverse client base.
About Convergence, Inc.
Founded in 2013, Convergence is data-driven research firm that created an entirely new platform focused on providing unprecedented transparency into the alternative asset management industry. We have created 4,000+ data points linked to the Adviser business model profiles and update it daily via subscription or custom research. The firm's leadership team has 120+ years of experience managing operating and compliance risk in many of the world's leading asset management organizations. The depth and breadth of this industry expertise differentiates Convergence from firms in the industry who provide data without actionable context. Convergence does not render investment advice.
SOURCE Convergence, Inc.
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