NEW YORK--(BUSINESS WIRE)--Duco, a global data engineering technology company, today announced a new engagement with Virtus Partners LLC, a provider of alternative investment administration services and operations outsourcing. Virtus Partners will use Duco’s data reconciliation platform “Duco Cube” to support daily, weekly, and monthly cash, trade and position reconciliations across a broad range of products including bonds, loans and complex credit derivatives.
Duco Cube enables Virtus Partners to scale quickly and meet the needs of a growing global operations team, without any IT dependencies. Within the first two months following on-boarding and training, Virtus Partners’ operations staff built an average of four reconciliations per day.
Eric Lokker, Senior Director of Corporate Strategy at Virtus Partners said, “We chose Duco Cube because its self-service and cutting-edge SaaS technology really suited us. The time we spend constructing a single reconciliation has been significantly reduced, cutting out over 85% of the total time to build both simple and complex reconciliations. Accuracy has increased, as has overall productivity. This has been a significant benefit to our business.”
Christian Nentwich, CEO of Duco, added, “We are pleased to be working with Virtus on providing an excellent service in reconciliations to their customers while protecting their cost base as volumes ramp up. Operations in the loan and credit markets in particular, cause issues for hardcoded legacy reconciliation systems, which make it a perfect case for a more flexible, self-service, control setup.”
Duco provides self-service data engineering in the cloud. We empower users to normalize, validate and reconcile any type of data on demand. New clients are live in 24 hours, with results in 7 days and tangible business value in 30 days. Our customers include international banks, brokers, exchanges, asset managers, hedge funds, administrators, service providers and corporates. Headquartered in London, with offices in New York and Luxembourg, Duco serves clients throughout Europe, North America, Africa, Asia and Australia. For more information go to http://du.co
About Virtus Partners LLC
Virtus Partners LLC is a premier global financial services and technology provider for front, middle and back-office support for credit managers. Headquartered in Houston, Texas, Virtus Partners has grown from a four-person company in 2005, to a recognized global leader in our industry. Virtus Partners currently has over 300 employees across six offices, located both in the United States and Europe, and administer over $350BN worth of assets for more than 100 global financial institutions. For more information, please visit www.virtusllc.com