Canterbury Consulting, a Newport Beach-based institutional investment advisory firm with more than USD18.3 billion in assets under management, will turn to Canoe Intelligence (Canoe), in a multi-year relationship to efficiently digitise, track and organise thousands of documents and data points.
“Canoe’s system will help track and organise all our clients’ documents,” says Mike Ethridge, COO, Canterbury Consulting. “Transitioning from the time-consuming task of manually reviewing and sorting everything to Canoe’s intelligent system will be a huge win for our clients.”
Canoe’s first-of-its-kind technology eliminates manual data entry for alternative asset investors. The technology allows institutions, LPs, and family offices to automate data extraction and document management and refocus capital and human resources on business performance and growth.
“We are honoured to be working with Canterbury Consulting, an industry leader and a true innovator,” says Seth Brotman (pictured), Canoe CEO. “Canoe’s AI technology helps allocators of all sizes improve accuracy, save time, reduce costs and regain operational control. The efficiency gains enable firms to take client service to a higher level and scale their businesses for growth.”
Under the terms of the multi-year relationship with Canterbury, Canoe will apply its scalable and proprietary AI technology to statements, notices, reports and other documents from over 2,500 alternative investments across Canterbury clients, digitally organising the documents for easy and immediate access. Data can then be seamlessly fed into Canterbury’s portfolio reporting, accounting, and analytics platforms to optimise the performance reporting experience for Canterbury’s clients.
Financial details of the relationship have not been disclosed.
Canoe launched in Q4 2017 and this November was nominated for The Family Wealth Report Awards 2019. These awards showcase ‘best of breed’ providers in the global private banking, wealth management and trusted advisor communities. The awards recognise companies, teams and individuals deemed to have demonstrated innovation and excellence during 2018.
Today’s sophisticated allocators manage complex portfolios including scores of alternative investments such as hedge funds, private equity and venture capital. As a result, allocators are inundated with up to 50,000 documents annually, containing 200,000 or more critical transaction, valuation and performance data points. Firms have historically relied on teams of individuals or offshore groups to manually manage data extraction and document storage, leading to industry-wide frustrations due to errors, latency, spiralling costs, and lack of control.