BEIJING, March 22, 2011 /PRNewswire/ -- eFront, the leading European software provider of financial solutions for alternative assets, is pleased to announce that CITIC Private Equity Funds Management Co., Ltd. ("CITIC PE") has selected the FrontInvest platform to support its investment operations.
CITIC PE, a leading Chinese private equity fund manager, is the strategic private equity investment platform of CITIC Securities, one of the top Chinese investment banks, and CITIC Group, the largest financial and industrial conglomerate in China. CITIC PE currently manages over $2 billion in assets and seeks to achieve good performance through active investment strategies, closing the gap between business and capital.
CITIC PE decided to select FrontInvest for its front-office features that empower front-office end-users to gain autonomy of the solution, including the ability to custom-design adjustments for their constantly evolving needs.
"CITIC PE is aiming to close a significant number of deals," commented Mr. Yibing Wu, President of CITIC PE. "Our investment teams want to make sure they are managing their PE investment activities with industry-leading IT solutions that comply with the quality standards in its field."
Tarek Chouman, Managing Director Asia-Pacific at eFront, added: "eFront demonstrated to CITIC PE a long-term vision and strategy on a global basis and will also provide scalability and efficiency through a local delivery model. CITIC PE needed a provider with a Chinese presence for implementation services and support. This new additional client in China underlines our continued support to the PE industry in China and eFront's position as the leading software provider".
About CITIC PE
As the strategic private equity investment platform of CITIC Securities and CITIC Group, CITIC Private Equity Funds Management Co., Ltd. ("CITIC PE") was established in June 2008 with the official approval of the National Development and Reform Commission. Based in China, CITIC PE strives to become a world class private equity firm. CITIC PE seeks to achieve good performance through in-depth analysis, clear investment strategies, solid execution capabilities, efficient operation management, professional value-added services and creating and increasing value for its investee companies, as well as achieving win-win results for its business partners.
eFront is a leading software provider of solutions dedicated to the financial industry with a recognised expertise in alternative investments and risk management. eFront's solutions serve over 240 customers in more than 30 countries, including major companies in the private equity, real estate investment, banking and insurance sectors. Founded in 1999, eFront has offices in London, Paris (HQ), New York, Montreal, Dubai, Hong Kong, Bonn and Jersey. eFront is a public company listed on NYSE Euronext.