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Robert E. Mallernee, CEORealizing this gap in the market, Eton Solutions (Eton), a technology spinout from a successful UHNW family office, built an integrated wealth management platform, AtlasFive, to help UHNWIs and multi-generational UHNW families remain up-to-date about their current financial status. “Our innovative platform, built by family office veterans who know the needs and nuances of a family office, also uses artificial intelligence (AI) and automation to improve data processing, cybersecurity, business continuity, and real-time reporting,” says Robert E. Mallernee, CEO of Eton.
The Journey of Innovation
In the 1990s, when technologies were still underdeveloped, Mallernee was working for different trust companies using traditional business processes, strategies, and systems. “I understood that automation could change the game in the wealth management expanse. Following this vision, Mallernee created a multi-family office in 2009 and soon designed an innovative technology that acts as an antidote to the longstanding woes of the industry. In the beginning, this technology was used internally to manage the middle and back office works, delivering accounting reports for both investment and general ledgers on a monthly or quarterly basis. These reports were then sent to the end-users and the internal management of the UNHW offices,” states Mallernee. Aware of the massive potential of its platform, some of the peers encouraged him to spin out the technology and commercialize the in-house platform. Later, Eton hired individuals to do software development, operations, and implementation.
“A dedicated team with 30 years of experience in the UHNW field developed the configurable platform. It allows users to get a comprehensive view of their financial data and manage transactions accurately while mitigating risks and discovering opportunities to grow on the go,” mentions Mallernee. At present, Eton has 110 employees and about 12 major family office clients. Eton re-engineers the clients’ business processes from the ground up before the platform implementation, so clients are sure to achieve a high ROI. Moreover, they leverage not only the technology but also our team’s 30 years of experience and know-how in managing businesses efficiently,” he adds. In addition, Eton provides dedicated support during and after the platform implementation. Eton has also built a global technology center in Bangalore to develop the talent required for services to current clients and future innovations.
Comprehensive Transparency on Net-Worth
“Our goal is to leverage AI to draw insights from client data and bring the market developments to their attention to maximize the probability of meeting financial goals,” adds Mallernee. Besides, AI allows clients to quickly ingest documents, tag, store, and then index them to drive data integrity and internal consistency. This facilitates managers in reviewing, reconciling, and evaluating data that flows in from banks and investment firms. The company is enhancing the capabilities of its AtlasFive platform by undertaking several pilot AI projects that are in line with current market trends.
Our innovative platform, built by family office veterans who know the needs and nuances of a family office also uses artificial intelligence (AI) and automation to improve data processing, cybersecurity, business continuity, and real-time reporting
AtlasFive comprises a comprehensive application suite that includes entity management, data aggregation, investment reporting, general ledger, partnership accounting, transaction initiation, and security master management, among others. The data aggregation and consolidation tools built into the platform process the data according to the business rules and deliver reports on general ledger, investment performance, risk, and cash flow accurately. The integrated audit and compliance feature reduces the risks related to clients complying with the applicable rules and regulations, as well as internal codes of conduct, policies, and procedures. Further, AtlasFive’s document management system is integrated with the entity management and transaction processing systems as well as reporting engine for users to gain a holistic view of all their entities while working on a document.
Among the several clients that Eton has catered to, the story of its multi-family office client stands out. “We have not only helped them re-engineer their numerous manual processes, including investment performance reporting, security management, and daily data aggregation, but also created a highly-efficient and profitable multi-family office. Working collaboratively with them, we supported their staff with our support team. Leveraging our platform and services, the multi-family office was able to gain two times the profit compared to competitors,” extols Mallernee. In another instance, a very large single-family office approached Eton to eliminate the manual working processes in the daily reporting of their current net worth. Eton built the daily reporting system that had tremendous functionalities apart from providing extensive investment performance reports, which helped them track hundreds of intra-family loans and business process issues within the family office environment.
Moving Forward with a Promising Future
Eton focuses on continuously enhancing the platform’s features with new functionalities. “We are planning to build client-facing mobile applications that are user-friendly to cope with the UNHW families’ huge shift in asset management from the older to the younger generation. We are also building additional tax functionalities to help users analyze their data much more efficiently and summarize and categorize it in their tax preparation packages,” says Mallernee. The company has a blueprint for building tools that aid in detecting the appropriate asset allocation for users. Developing estate modeling solutions for restructuring their assets is also on the cards of Eton’s future endeavors. “We are highly concerned for our clients’ benefits, and accordingly, we have incorporated additional intelligence into our platform for smarter estate planning,” concludes Mallernee.
Eton Solutions selects Singapore for its International Headquarters and launches new Administrative Family Office Solution to support clients in the Middle East
Wednesday, February 15, 2023
DUBAI, UAE - Eton Solutions, announced the launch of its Administrative Family Office solution and the establishment of its international headquarters in Singapore. While the Americas region will retain its primary focus, Eton Solutions' international headquarters in Singapore will enable the organisation to streamline its access and support to international markets without relying on North American resources.
Eton Solutions Administrative Family Office (AFO™) is a wealth management technology platform that harnesses the power of the company's cutting-edge AtlasFive® software and award-winning service offerings into a single solution, thereby democratising access to the technology used by some of the largest family offices in the world.
Family offices can thrive within a reliable operating environment to steward wealth across generations with exciting investment opportunities, international connectivity, high standards of living, and robust tax and regulatory regimes – making Singapore a nexus of the global family office industry.
The establishment of Eton Solutions' international headquarters in Singapore comes at a time when family offices in the island-state are growing rapidly due to the country's emergence as a global financial centre. Based on estimates from the Monetary Authority of Singapore, there were about 700 Family Offices at the end of 2021, almost double the 2020 year-end figure of 400. This makes Singapore an attractive hub for executing international and regional operations.
Eton Solutions, Executive Chairman, Satyen Patel said: "Singapore has become a major destination for family offices globally. Its geo-proximity to over half of the world's ultra-high-net-worth individuals, and connectivity and working relationships with the major economic powerhouses of Asia Pacific, the Indian sub-continent, and the critically important Middle East region, with a focus in the United Arab Emirates, Saudi Arabia, Qatar and Kuwait which makes it a prime location for us to serve international markets."
The Middle East presents a significant opportunity as the region has seen a growing trend of family offices becoming more institutionalised and professional in their approach. The Gulf States in particular have a growing pool of wealth, a desire to invest in a range of assets, and a favourable business climate, which has led to an increase in the number of family offices adopting a more structured approach to their investment strategies and creating a demand for specialised services such as asset management, tax planning, and risk management. These factors, along with the region's growing investment landscape, make the Middle East a unique opportunity for family offices looking to establish themselves as investment powerhouses.
The company's new AFO™ solution takes advantage of this recent family office activity in Singapore and is available immediately worldwide. Eton Solutions and its AtlasFive® platform is the only family office software available in the market that is built for a family office by a family office.
The AFO™ harnesses the standalone power of the company's cutting-edge AtlasFive® software and couples it with its services suite, synthesising it into one robust solution. This one-of-a-kind offering is a friction-free, budget-friendly, fast-track solution that democratises institutional technology access to all sizes of family offices, allowing them to focus on what is truly important.
"There are many family offices, specifically those within the US$100 to US$500 million of assets under management, that want access to cutting-edge technology like AtlasFive® but may not have the resources or time to implement such a comprehensive platform," added Patel. "Through a combination of services and technology, our new AFO™ makes the software used by the largest family offices in the world available to family offices of all sizes."
Through a single integrated web and mobile application, the AFO™ allows clients to experience family-level governance, complete visibility into their wealth, seamless management of complex investments and tracking of private assets, all within a secure, accurate and high-quality data infrastructure.
Leveraging Eton Solutions' suite of services, family offices no longer need to outsource their middle and back-office operations to different providers because the AFO™ creates an entirely digital and integrated client-centric experience from investment reporting to accounting and document management to tax support services.
Family offices can choose from three AFO™ collaboration models, depending on their level of need. All models include standard features such as core accounting and reporting, transaction processing, interactive dashboards, best-practice workflows, a mobile application and a virtual mailroom.
Eton Solutions’ ERP platform gets Narayana Murthy’s family office as launch client in India
Wednesday, August 07, 2024
Dubai: A cloud-based service provider for family offices, Eton Solutions is rolling out the AtlasFive ERP platform in India. The family office of Narayana Murthy, founder of Infosys, is the launch customer for the AtlasFive.
“The emergence of India as a financial powerhouse with the 3rd largest concentration of billionaires in the world after China and the USA, fits squarely with Eton Solutions’ international expansion plans,” said Satyen Patel, Executive Chairman of Eton Solutions.
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“India is a critical market within our global growth strategy, and we are bullish about the opportunities in this geography, and about servicing the diaspora internationally from India. The fact that we are gearing up to open our next Technology Center in (Gujarat’s) Gift City very soon is a testimony to our commitment.”
Headquartered in North Carolina, Eton Solutions has had a presence in India for the past 5 years with over 300 employees, at a Global Technology Center in Bengaluru supporting AtlasFive clients globally.
The AtlasFive platform currently helps with managing over $781 billion for 665 famiiy offices worldwide. Over 11.5 million transactions are processed annually with 92,000 entities on this platform.
Company
Eton Solutions
Management
Robert E. Mallernee, CEO
Description
Offers an integrated wealth management platform for UNHW individuals and family offices to get a comprehensive view of their financial data and manage transactions
