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.”