"Before the end of last year, I used to spend one or two hours a day there. Now I spend 12 hours a day. On the phone, Nicolas Buck has almost no voice, but still the same energy. Now back as CEO of the fintech he launched in 2012 with Renaud Jamar de Bolsée, the ex-president of the Union des entreprises luxembourgeoises is now open for business. Seqvoia's "contact" emails are sent directly to his home address, a sign of his omnipresence.
Six months before resigning from the UEL, at the end of October 2020, Buck had become the CEO of a small London company, Integrated Publishing Solutions, which was taken over by Seqvoia and became Seqvoia UK. This summer, the two founders of Seqvoia bought out the 32% stake held by Victor Buck Services (which they had sold to Post).
This Monday, from the small team that was in the suburbs of London, this Luxembourg-based specialist in investment fund documentation and regulation officially opens in the heart of the City.
+28% for Seqvoia in 2020
"Luxembourg has done well in becoming a centre for fund governance, administration and oversight," he tells Paperjam. "But these funds are neither initiated nor managed here. If anything, Brexit has accentuated the rational side of decision-making and a generational shift has brought decisions back to London."
Seqvoia therefore intends to take advantage of the 28% growth in turnover last year to get closer to those who make decisions, "within Europe's leading financial centre".
"The business-as-usual approach is no longer enough to remain competitive, and this is especially true in the asset management sector. Firms need to fundamentally rethink their data model and see themselves as part of a larger financial (data) ecosystem, connecting their organisations to a diverse network of players spanning multiple specialisations and locations in order to streamline the value chain," he explains in the official press release.
Dual solution for funds
At the same time as he left UEL, Buck presented Summit (now called Zinniat), which is able to explain the meaning of data and its evolution over time, to highlight the relationships of data to each other in a flexible way and to foster change for governance, notably around new forms of reporting on environmental, social and governance criteria.
Since then, Seqvoia has also launched "Fund D", a reporting solution based on visualisation. With an asset that is as technical as it is fundamental: the software suite of its Belgian partner, Risk Concile, which enables product initiators (investment funds, derivatives, life insurance products in savings mode, etc.) to comply more easily with the European regulation PRIIPS (for Packaged Retail Investment and Insurance-based Products), which is due to be revised by next year.
This article was originally published in Paperjam. It has been translated and edited for Delano.