Agio Technology, a provider of managed IT services for premier hedge funds, today announced that it marks its first full year of operation. Agio experienced a rapid expansion of its business, driven by the extensive hedge fund pedigree of its management team and the increasing trend in the hedge fund industry to outsource non-core technology functions.
Since it opened its doors on Jan. 15, 2010, Agio has achieved an impressive track record of growth. Company highlights include:
â¢ Growing its client base to 17 hedge funds, including SAC Capital Advisors, one of the largest hedge funds in the US.
â¢ Building a work force of 52+ employees.
â¢ Opening satellite offices in New York and Hong Kong.
â¢ Gaining approval from Hewlett Packard Co. as one of its National Enterprise Storage Resellers, one of only 60 companies of the estimated 20,000 HP Authorized Solution Partners in the U.S. to earn that distinction.
â¢ Gaining profitability.
âWe are extremely proud of what we have accomplished in a relatively short period, particularly in a challenging economic environment in 2010,â said CEO Bart McDonough. âThere is a great acceptance of Agio and our story on the Street. We are confident that our business will continue to demonstrate sustainable growth as a result of several factors: improving economic conditions, inner-firm efficiencies that include reducing IT costs, and the on-going trend of hedge funds focusing more on their core competencies. These core competencies include providing successful investment strategies and a high rate of return for their clients. They will agree, thatâs a far better use of their time than managing email.â
Chris Corrado, Co-CTO, SAC Capital Advisors, acknowledged that his firm has benefited from its relationship with Agio.
Corrado said: âOur long-running history with the founding team of Agio Technology gave us the peace of mind to forge forward into the outsourcing arena. We know first-hand their ability to manage the scale and dynamics of our environment and provide the most current technology to deliver services. Through our unique arrangement with Agio, we have been able to outsource the services we now consider to be commodities, expand our service windows, improve the overall end user experience, and spend our time focused on the work that matters most for us and our business. Our bar is very high, for ourselves and our vendors. Agio's team has been put through the rigors of what it means to execute mission-critical services for a large and dynamic hedge fund like SAC. They meet every challenge head on."