Abacus Group Opens Dallas Office after Addition of Over 50 New Funds
Demand for outsourcing and hosted services from hedge funds leads to US expansion for Abacus
New York, NY, October 23, 2013 — Abacus Group LLC, a leading provider of hosted IT solutions for hedge funds and private equity funds, today announced that it has opened a new office in Dallas to help support a growing client base in that market.
Abacus Group’s expansion, which included the addition of 57 new funds this year, was prompted by increased demand in the Dallas market from new and existing fund managers. While an improved economic environment in 2013 has contributed to new fund launches, heightened regulatory pressure on the business has prompted funds to seek more cost efficient business technology models that meet new requirements.
Changes imposed under Dodd-Frank have set several regulatory and compliance guidelines that have significantly increased the cost and complexity of the business technology that funds require.
The AbacusFLEX private cloud platform – which offers clients the flexibility to host any application, scalability to add resources as needed, and the assurance that data is always available and protected – enables funds to meet new requirements in a cost efficient way using a secure environment. AbacusFLEX offers complete integration with front-office trading applications, back-office reporting systems, as well as managing email and files. AbacusFLEX also incorporates a compliance feature that allows firms to meet the Dodd-Frank electronic message monitoring policy.
“Increased regulatory and investor scrutiny, and rapidly changing market structure have added additional costs and challenges to managing a hedge fund or private equity firms’ technology in the current market environment,” said Jason Elmer, Director of Business Development, Abacus Group. “Firms are increasingly looking to outsourced services to access more robust business and compliance technology at a lower price point. Expanding into growing financial markets such as Dallas is a significant step for Abacus as we are now better positioned to deliver value to the fund management community in this region.”
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About Abacus Group LLC
Abacus Group LLC is an IT solutions firm focused on helping hedge funds and private equity funds deploy and manage hosted IT solutions. Our objective is to provide investment managers and technology executives with solutions to improve their IT service experience. Abacus has developed a scalable, redundant and highly available IT platform to allow investment managers to run all of their technology as a service. The days of purchasing new hardware every few years are over. Abacus manages mirrored data centers throughout the US and provides cost effective and efficient solutions. Firms connect to their IT applications and data through high speed circuits with minimal onsite equipment.
For more information, please visit http://abacusgroupllc.com/.