“The private equity industry in China is booming. As of April 15th 2015, 10,098 private equity managers are registered at the Asset Management Association of China (“AMAC”), with 11,383 private equity funds under management totaling RMB 2.88 trillion. Our objective is to provide high quality fund administration outsourcing services to our clients. We are using NeoXam GP3 for its recognized capacities to automate fund administration processes and increase operational efficiency in a cost-effective manner. NeoXam GP3 helps us to gain differentiated competitive advantages to support our rapid business innovation and expansion”.
Mr. Yongqian Gao, COO of Genesis
On November 24th 2014, the Asset Management Association of China ( “AMAC”) released Guidance for Fund Business Outsourcing Services, providing stipulations on the outsourcing business of mutual and private equity funds. The guidance came into effect on February 1st 2015. As a result of this new regulation, Shanghai Genesis Finance Information Service Co., Ltd ( “Genesis”) was formed by Howbuy and senior players in the fund administration industry with HSBC’s former Asia Pacific Head of Fund Services as its Chief Advisor.
Genesis has been live with NeoXam GP3 since the summer of 2015. NeoXam GP3 offers robust and highly-scalable, real-time, rules-driven fund administration processing which automate processes, helping the company to increase operational efficiency.
The asset management industry in China is seeing tremendous changes: a rising role of services related to fund administration management, while middle and back-office capabilities, including fund accounting and valuation, are becoming the bottleneck of business innovation and development for many asset managers.
Genesis not only benefited from the best practices in the fund administration sector, especially to third party administrators, with the cumulated experience of NeoXam’s 150 clients based in 25 countries. Genesis also benefited from the expertise of NeoXam’s Chinese product development and consulting teams.
Genesis can onboard new customers such as asset managers and mutual and private equity firms. NeoXam’s GP3 and local teams are accompanying Genesis’ future growth by providing high-quality services, and robust and scalable technical capacity, thus helping the company to offer a high-level of quality and differentiated outsourced services to asset management firms.