Latham, NY – 10/21/2024

Private fund administrator and data services provider GP Fund Solutions (“GPFS”) has opened its tenth global office, in Guernsey in the Channel Islands. The office will be led by Damien Fitzgerald, an industry veteran with more than 20 years of experience in private equity and fund administration.

“It’s an honour to lead the GPFS team at this new location, and I’m looking forward to bringing the firm’s well-respected standard of excellence to our clients with Guernsey-based private funds,” said Fitzgerald. GP Fund Solutions Guernsey Limited received approval as a licensed regulated fund administrator from the Guernsey Financial Services Commission (“GFSC”) in June this year.

Based in the United States with headquarters in Latham, New York, GPFS has grown rapidly in recent years. Since 2021, it has added UK offices in London, Brighton, and Southampton, as well as an office in Limerick, Ireland. The company, with more than $85 billion in assets under administration, offers the full suite of fund administration and corporate services, as well as data administration services to private markets closed-ended funds.

“We’re thrilled to have received our regulatory approval as an authorised fund administrator and corporate services provider. We thank the GFSC for an efficient process and look forward to expanding our business in Guernsey” said Ravi Nevile, Chief Commercial Officer of GPFS International. 

“Our new footprint enables us to support our cornerstone client in Guernsey and future clients as we expand our team locally over the coming year,” he added.

At the Guernsey office, located in St. Peter Port, Fitzgerald will be joined by Sergiu Frunze as head of fund accounting and Tevhide Angliss as associate operations controller. The three inaugural GPFS team members in the Guernsey office have experience working together previously and have built out the operations locally.

“Our team here is experienced and extremely talented,” Fitzgerald said. “We’re ready to accelerate GPFS Guernsey’s growth and support our clients. It’s a wonderful opportunity to bring the GPFS culture to the Channel Islands.”

As technology continues to enable rapid innovation in private asset investing, GP Fund Solutions is pleased to welcome Sumit Mondaiyka to its leadership team as Chief Technology Officer. GPFS, a boutique provider of fund administration and data strategy services to top private fund managers, established this new CTO role to shape its technology strategy and ensure the scalability, stability, and efficiency of its internal technology systems. Mondaiyka joined on Aug. 5 and will be based at the company’s global headquarters in Latham, N.Y.

“Private fund administration has far evolved beyond traditional accounting and reporting,” said Glen Shields, CEO of GPFS. “Fund managers can gain a competitive edge by adopting a data-driven reporting approach that tackles rising complexity, increasing regulatory demands, and growing investor expectations for information and transparency. Adding Sumit to our team to help steer our technology roadmap is a huge win for both us and our clients,” Shields said.

Mondaiyka brings 25 years of transformative enterprise IT leadership experience. He most recently served as VP of Technology at Liberty Bank, where he led innovation, business strategy, and technology transformation initiatives including the use of robotic process automation and architecture strategies for compliance and data security. 

Prior to Liberty Bank, Mondaiyka was a senior digital director at GE for more than a decade. He partnered with various GE businesses, including Aviation, Capital, Health, and Power, to consolidate 16 separate ERP systems to a single platform. As a Six Sigma Green Belt, he focused on process rigor while improving applications and reducing technical debt for GE’s stakeholders across businesses in the US and Europe.

“From my first meetings with the GPFS team, I was impressed by the company’s commitment to technology transformation," said Mondaiyka. “In a landscape where technology is constantly changing, our goal is to use it as a vehicle for growth, learning, inclusivity, consistency, and outstanding customer experience.”

In his new role, Sumit will collaborate closely with the GPFS team to introduce new technologies and innovative solutions that will enhance service delivery and drive growth. He is particularly excited about the opportunity to thrive in a strong culture that prioritizes high-quality service and leveraging industry-leading technology platforms and data analytics to create exceptional experiences for both customers and employees.

A fully stocked kitchen, fitness room, patio, golf simulator – these are just some of the enhancements added to GP Fund Solutions’ global headquarters in Latham, N.Y., as part of a significant expansion and renovation completed this summer that more than doubles the size of its flagship office. GPFS, which provides outsourced back office services for private fund managers, invested in the space as a response to the firm’s rapid growth, and as a way to continue attracting and retaining top talent.

“Our philosophy at GPFS is to hire the best people and create a culture where they are valued and can build a long-term career,” said Carolyn Baker, Director of People and Culture. “This new office environment enables collaboration and camaraderie among our staff, and gives us more space to add team members as we grow.”

Over half of the company’s 125+ global employees are based at the Latham office at 12 Cornell Road. GPFS first moved to the location in 2014 with 10 employees. The renovation increases the size of the office from 10,700 to 24,700 square feet, including a new lower level with an employee lounge and several other high-end amenities inspired by workplaces in Silicon Valley.

“We wanted to create an inspiring space that reflects how we think work will get done in the future,” said Glen Shields, Founder and Group CEO of GPFS.“

GP Fund Solutions has been named one of the region’s “Best Places to Work” by the Albany Business Review for several years running. The company has additional US offices in Fort Lauderdale, Boston, and Minneapolis, as well as multiple offices in Europe.

GP Fund Solutions, a boutique fund administration firm that provides back office accounting and data management solutions for private asset managers, has hired Arminex Carbon as Director, Fund Administration. An industry veteran with more than 20 years of experience in private equity accounting, Carbon will manage relationships and service delivery for some of the firm’s largest clients.

“I’m very excited to join GP Fund Solutions,” said Carbon. “I’m impressed by the company’s commitment to a strong culture, and its approach to innovative data management strategies that help fund managers operate in demanding environments.” 

Carbon’s experience spans two decades in private equity financial accounting. Prior to GPFS, he worked at Credit Suisse and GCM Grosvenor. During his 10 years at Grosvenor, Carbon managed full lifecycle reporting for various private funds and coordinated compliance and regulatory audits. He worked closely with technology and data teams to automate critical processes and calculations. At Credit Suisse, Carbon spent 14 years as a director and vice president. 

“I’m so pleased that Arminex has joined our team,” said Edward McCarthy, Senior Director, Fund Administration at GP Fund Solutions. “He’s a versatile talent and our clients will benefit from his expertise in fund accounting. I’m also excited to have him mentor GPFS employees,” McCarthy added.

At GPFS, Carbon will play a key role in the firm’s continued growth in North America. The firm recently opened an office in Minneapolis, Minn., and completed an expansion and renovation of its global headquarters in Latham, N.Y. Carbon will help GPFS assess potential future locations for expansion. He will be based primarily in the northeast.