Incubated within TIFIN, Paralel is the first full-service registered fund service provider to launch in decades
DENVER, CO / ACCESSWIRE / January 26, 2023 / Paralel Technologies, the premier trusted partner for asset managers and their funds, announced today that it has stood up the first new full-service platform for registered fund servicing in more than 20 years. Paralel, along with its wholly owned subsidiaries Paralel Advisors and Paralel Distributors, now provides fund administration, fund accounting, transfer agency, distribution and advisory services to over $5 billion in assets across open-end fund, closed-end fund and ETF clients.
"Over the last few years, we have been busy answering the fundamental question we asked ourselves when we decided to launch Paralel, ‘What would you do if you could do it all over again?'" said Jeremy May, Founder and CEO of Paralel. Prior to founding Paralel, Jeremy spent 24 years at ALPS where he served as President of ALPS Fund Services and ALPS Distributors. "Along with our partner TIFIN, we have quietly built the next generation platform for servicing registered funds, and we are proud to announce that all services are now operational and we are actively onboarding clients."
"At TIFIN we have built an AI platform for the asset and wealth management industry," said Dr. Vinay Nair, Founder and CEO of TIFIN. "The opportunity to use our capabilities to help incubate and launch a firm that is transforming the fund administration space has been very exciting. There is nothing like Paralel in the industry today."
The Paralel platform is redefining technology and service, enabling clients to get intelligent access to their data while providing white glove client service. The lack of innovation and continued consolidation in the industry has revealed the need for a new approach to fund administration.
"I had this idea of creating a FinTech service company with a service culture that sets a new standard. When I met Vinay and he shared that vision, we immediately went to work to create the roadmap to make that dream a reality," said May. "Our leadership team has an average industry tenure of over 20 years and had the courage to leave the comfort of the establishment to reimagine how clients are served in this space. Paralel is majority owned by this management team which aligns our interests with our clients and fosters a long-term commitment to clients and a high-touch service culture."
Prior to joining Jeremy at Paralel in 2020, Jon Vickery, CTO, had been working on solving data challenges through the front, middle and back office during his 28 years at Brown Brothers Harriman, most recently as head of FinTech Strategy and Business Transformation. "Building a genuine state-of-the art data platform without needing to solve for redundant applications, tech debt and inaccessible dark data has allowed us to focus entirely on our clients' needs," said Vickery. "It's a totally unique opportunity that really can't be achieved without starting from scratch."
About Paralel Technologies
Paralel is a FinTech firm redefining the relationship between asset managers and their back office. The firm offers full-service fund administration, fund accounting, tax, transfer agency and distribution services from its Denver, Colorado headquarters. Find out more at https://www.paralel.com/.
TIFIN is an AI and innovation platform for wealth. Founded by Dr. Vinay Nair, a former Wharton Professor and successful entrepreneur, TIFIN was created to build engaging and intelligent wealth experiences for better financial lives.
TIFIN manages Magnifi, a consumer-focused marketplace that delivers investment personalization through next-gen intelligence and an AI investing assistant; TIFIN Wealth, an AI platform that enables client personalization for financial advisors, wealth enterprises, and workplace financial providers; TIFIN AMP, an AI platform to modernize distribution for asset management firms; and TIFIN Studios, an incubation platform for new business creation.
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SOURCE: Paralel Technologies