Cavendish Administration Implements Linedata Icon to Support Ambitious Expansion Strategy

LONDON, 25 January 2011: Linedata, the global solutions provider dedicated to the investment management and credit industry, today announced that Cavendish Administration Ltd will use Linedata Icon to build a fully integrated portfolio administration, fund accounting and reporting solution for its operations. With over £1 billion of assets under administration, Cavendish is implementing Linedata Icon to be able to expand its business, service more funds and extend its service offering.

Cavendish was previously using proprietary tools for its portfolio administration and separate systems for fund accounting and wanted to migrate to a more sophisticated solution. Following the development of a controlled growth strategy, Cavendish identified specific business requirements which necessitated a single, comprehensive system which could address these needs and extend Cavendish’s service offering to existing clients.

“Linedata led a workshop with us to explore, map and evaluate our existing systems and processes,” said Anthony Lee, Director, Cavendish Administration. “This new system is comprehensive and can fully support our ambitious growth plan and significantly improve our capabilities along the way. We believe that Linedata Icon will enable us to build upon the excellent level of service that we currently provide to investment management companies and the funds they manage.”

Key to the decision making process was choosing a firm that offered a cutting edge and credible solution. In Linedata Icon, Cavendish found a system which could offer robust client reporting and portfolio valuation capabilities and which had a track record of meeting and exceeding client needs. With 45 clients in the UK and beyond, Linedata Icon is a complete back office investment management, fund accounting, portfolio valuation, collective fund pricing and reporting solution which has been subject to a recent programme of innovation and development to meet market expectations and regulatory demands.

“Fund administrators need to be able to deliver a streamlined, first class service in today’s environment. Their clients are extremely demanding and expect the best,” said Mike de Verteuil, Linedata’s Group Business Development Director. “We have invested in Linedata Icon to ensure it delivers the flexibility needed and efficiently handles the complexities which characterise today’s fund administration market. By using Linedata Icon, Cavendish will be able to extend its service offering to a greater number of funds and meet their clients’ exacting due diligence requirements. We’re proud to be supporting Cavendish’s growth in this area.”

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ABOUT CAVENDISH ADMINISTRATION LTD

Cavendish has been providing a comprehensive back office support service to funds and investment managers since 1993. Services include administration, company secretarial, management accounting and compliance. The funds administered by Cavendish are mainly closed-end investment companies listed on the London Stock Exchange, including investment trusts, and funds quoted on AIM. Cavendish provides clients with a professional, complete, knowledgeable and proactive support service.

ABOUT LINEDATA

Linedata is a global solutions provider with 700 clients operating in 50 countries. With more than 840 employees across the globe, Linedata is dedicated to the investment management and credit community. Linedata has been at the service of the financial industry from day one, and applies its market and client insight to provide innovative and tailored mission-critical software and services that help its clients grow. As a pioneer for over 10 years with the set up of ASP infrastructure for the financial industry, Linedata has preached and spread this model throughout the global financial community, for its full range of products. Headquartered in France, Linedata achieved revenues of EUR 144.5 million in 2009. This company is listed on Euronext Paris FR0004156297-LIN – Reuters LDSV.LN – Bloomberg LIN:FP.

Linedata provides comprehensive front-to-back solutions and services to manage all types of investment processes, from pre-trade to post-settlement, across a wide range of firms, including institutional portfolio and collective management companies, hedge funds, prime brokers, fund managers, transfer agents, corporate savings fund managers, and subsidiaries of banks or independents.

ABOUT LINEDATA ICON

Linedata Icon is a complete back office investment management, fund accounting, portfolio valuation, fund pricing and reporting solution for all types of funds and all sizes of institution. Centred on its core, real-time, multi-currency accounting system, Linedata Icon manages stock positions, generates, records and accounts for all investment transactions and calculates accurate Net Asset Values and prices for multi-class collective investment funds. Available in-house or ASP, Linedata Icon supports the back office activities of some of the largest and most successful investment institutions in the UK and beyond.
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For more information, please contact:

Linedata
Liz Fidler, Northern Europe
Tel: + 44 207 469 8725
Liz.fidler@uk.linedata.com

Cavendish Administration Limited
Anthony Lee
Tel: +44 207 490 4355
Anthony.Lee@cavendishadmin.com