Oleg Movchan is CEO at Enfusion.
What were the key theme(s) for your business in 2023?
Last year, we worked really hard on scaling our platform to support functionality and workflows that institutional asset managers expect from us. In contrast to hedge fund managers, those workflows tend to be more complex and that complexity is driven by virtually everything – portfolio scope, trading volumes, number of funds, accounts and counterparties in question.
What was the highlight of 2023?
We had many highlights in 2023. Enfusion had various marquee client wins outside of liquid alternative strategies. Globally, we signed active and passive traditional managers as well as asset owners in the endowment and pension plan segments. We released new and transformational products that we believe will accelerate our revenue trajectory. Importantly, our disciplined go-to-market strategy, thoughtful solution engineering, and realignment of client services organization resulted in zero failed implementations in 2023 – a trend we intend to maintain going forward.
What surprised you in 2023?
The most surprising thing for me was the level of client engagement that I saw – our clients are willing to spend enormous amounts of time and attention with us to create solutions to their pain points, which makes our platform better along the way and benefits our entire client base. Everyone who uses Enfusion’s platform realizes the network effects (including our team), and the extent to which our clients act as our partners is truly humbling and inspiring.
What are your customers’ pain points and how have they changed from 1 year ago?
I don’t think the pain points of the investment management industry are that much different today than they were a year ago. In fact, not that much has changed from that perspective in the last 10 years – it ultimately boils down to breaking silos across the operational workflows and connecting front, middle and back offices in a way that empowers teams to collaborate. Naturally, Enfusion becomes an enterprise collaboration platform that links together everyone who touches trades, prices, portfolios and investment ideas. It also implies there is still a lot of “white space” for Enfusion to cover.
What are your expectations for 2024?
I am excited about the set of opportunities in front of Enfusion in 2024. Perhaps counterintuitively, we continue to benefit from compressing technology budgets within the asset management space. We are seeing severe pain points that clients are looking to address – those issues come from legacy operational workflows that are supported by outdated proprietary infrastructure or legacy technology providers that don’t deliver value for the price they charge. The industry continues to focus on outsourcing operations and related software and shifting resources to investment research, data analytics and product innovation. Enfusion is uniquely positioned given our fully integrated technology stack that supports complexity and flexibility at scale. Additionally, I expect more demand for and innovation in fixed income and credit trading and private credit technology – trends that have existed for a while now.
