A London start-up aiming to combat the transparency of financial asset management has raised 拢2.6 million funding.听
ClearGlass听Analytics is targeting a听拢9.5听trillion governance and communication problem as听it says听big finance, and the clients of big finance, don鈥檛 always communicate effectively.听听听
It is aiming to deliver听greater accountability to pension funds and the wider asset management market听through its digital platform.听
The company was founded by Dr听Christopher Sier,听a听World Bank and FCA听expert who previously developed the cost transparency standard at the request of the FCA, and tech experts Ritesh听Singhania and Kunal听Varma.听听听
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ClearGlass, a Founders Factory accelerator alum,听acts as the data interface between asset managers and their clients, offering pension funds a digital platform where they can see听all of听their investment costs in one place.听听
It allows its clients, pension funds, to get much more data from more asset managers听and other suppliers, which helps them see the true cost of what they are paying for the management of their investments.听听
鈥淔inding your costs are so much larger is shocking, but also something to be celebrated. These incremental costs were always there, they just weren鈥檛 exposed, and now you can identify those and bring about change. You can鈥檛 manage what you don鈥檛 measure,鈥� said Dr Sier.听
The 拢2.6m seed round includes European VC听Lakestar听and Outward VC as well as several significant angels from both the asset management and pension fund worlds.听听
These include Ruston Smith, a well-known professional pension trustee, Richard Butcher, Chair of the PLSA (UK pension trade body), Chris Wilcox, former听Global Head of JP Morgan Asset Management and his former JP Morgan colleagues Rob O鈥橰ahilly, Sikander Ilyas and Alex Large.听
Tim Giles, EMEA MD of Aon Investments,听said:听鈥淲e鈥檝e听been working with听ClearGlass听since launch and not only have they improved our productivity by doing the data chasing for us, but the analysis they have produced has been of material benefit to many Aon clients.听听
鈥�This new funding is great news as it will give听Chris and the team what they need to expand into Europe and to develop their service. We look forward to continuing to work with them.鈥�听
Louis听Warner,听COO听at Founders Factory,听added: 鈥淲e are proud to be early backers of听ClearGlass听and particularly the outstanding founding team of Chris and Ritesh.听听
鈥�With Chris鈥� deep knowledge and authority in the sector, and Ritesh鈥檚 drive for product听and customer-experience excellence, we believe their vision to bring transparency and innovation to the听pensions industry will be transformational.鈥�听