Star Tech

Croesus Enriches Wealth Management

 “In terms of business intelligence, Croesus is renowned for our superior capabilities in client data mangement,” states the President of Croesus, Sylvain Simpson. “Even with clients we’ve had for twenty years, we can handle and present all the company’s financial information in one place, in a very intelligent and instructive way.”

Since 1987, Croesus has been providing sophisticated wealth management solutions to financial institutions across North America. Nearly 10,000 investment professionals use their platform to collectively manage over $900 billion in assets.

Croesus works in direct collaboration with integration partners such as Thomson Reuters, Morning Star, IBM, ICE Data Services, Plan Plus, Fundata and NaviPlan.

With around 10 competitors in Canada and around 15 in the US, Croesus believes that one of the key factors in their long-term success is the partner-like relationship they have with their clients, who are a major influence in the evolution of their products.

Assets that count

According to legend , King Croesus gained his immense fortune from gold in the sands of the Pactolus River. The company of the same name attributes their wealth to the 173 devoted employees who have all contributed to the business’ solid reputation.

With their team at the heart of their success, this expert in portfolio management solutions gives great importance to the well-being of their employees.

Approximately 77 new members are expected to join the Croesus team over the next five years. “Of course, the presence of major foreign brands in Quebec creates questions for the hiring of future employees,” notes Sylvain. “The fact that the workforce we target is highly qualified and specialized also brings its challenges. Croesus looks for people who combine technology and business knowledge. Often when we find a resource who offers one or the other of these elements, we must then ensure that the person becomes effective within our particular Croesus context.

The company often reaches out to international candidates to fill their positions, especially since some of the skills associated with Linux and databases are not always easy to find at the local level. To encourage the development of expertise and knowledge in the field, Croesus implements numerous internal training programs. They also provide internships for students, in the hopes that some will remain on the team afterwards.

Technological investment

The meeting of the founders Carol Jean and Rémy Therrien (an engineer by training and current executive chairman of the board) gave birth to Croesus. While studying in computer science and working as an investment advisor at Lévesque Beaubien Geoffrion, Carol identified the need to develop an application with which to increase efficiency in his field. “Everything was completely manual. So they had the idea to design software that would track the various calculations and changes in portfolios,” recounts Sylvain.

In 2000, Croesus attracted attention with their innovative SAS solution, which offered hosting of their software. They upped the ante in 2009 with mobile access. In 2015, they presented portfolio modelling and rebalancing tools, and followed that up the next year with business intelligence tools.

Innovation and research are an integral part of the company, which benefited from R&D credits when starting up. Croesus allocates 40 to 50% of profits to its R&D department. They have also collaborated with the NRC-CNRC, and continue to realize projects with the CRIM, while being involved in academia.

Challenges and distinctions

With offices in Montreal, Toronto and San Diego, Croesus must continually adapt themselves to the evolution of the industry, particularly in terms of regulatory requirements. They ensure the support of their clients by anticipating changes and modifying their platform to meet current and future needs. In addition, they are actively involved in the Investment Industry Association of Canada.

The company has been distinguished over the years with various awards. To name a few: one of Quebec’ 300 Most Important SME’s (2016); Remarkable Employer – Ethnocultural Diversity (2016); AQT’s SME of the Year (2016); one of Canada’s Best Managed Companies (2017) and one of Canada’s Top Employers for Young People (2017).

It’s clear why Creosus is so proud of their team!

Source: Mélanie Pilon, Writer for the Star Tech Vitrine 

Translated by:  Jenn Mierau


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