On Monday 8 January 2024, Deloitte Luxembourg announced its recent acquisition of the fintech practice of Alto Advisory.
The consulting firm acquired Alto Advisory's fintech practice on 1 January 2024. The deal includes a suite of fintech solutions, as well as the team behind them and related business.
"It is exciting news for our clients, prospects and team as the platform offered by Deloitte will accelerate the development of our suite for depositaries, management companies and other fund service providers, offering them further efficiency and de-risking through innovative yet proven digital solutions," said Alto founder and former CEO, Yoann Jagoury, who has since joined Deloitte Luxembourg.
Since its creation in 2009, Luxembourg-based Alto Advisory has been helping clients perform their fund oversight activities. These services were first established for UCITS funds. However, following the strong growth of alternative assets in the asset management industry, the company further broadened its services to AIF schemes.
Simon Ramos, Deloitte's Fund Depositary Services Leader, commented: "At Deloitte, we strongly believe in technology-enabled solutions and are thrilled to onboard the Alto fintech capabilities in our already very broad set of fund industry solutions."
Deloitte Luxembourg noted in its press release that Alto's fund industry products are tailored for management companies and depositaries, offering digital solutions, including regulatory functions support and oversight of fund activities. Since its inception, Alto has implemented its fund oversight software to tier one players in the market, serving over 10,000 sub-funds in ten fund domiciles under the UCITS and AIFMD regulation.
"Deloitte and Alto have a well-established relationship, collaborating on several ongoing consulting projects. As such, we anticipate a smooth integration that will not only quickly strengthen our existing service offerings, but also our capacity for the client-centric innovation we are known for," stated Xavier Zaegel, Investment Management Leader at Deloitte Luxembourg.