San Francisco, CA, April 9, 2018 – Alternative Investment fund administrator MG Stover & Co. (MG Stover) announced today a partnership with software technology firm CoinVantage as part of its strategy to grow its digital asset fund administration business and deliver world class solutions to its clients.
“MG Stover is focused on excellence in client service and CoinVantage will be a key platform for us to continue delivering industry leading administration solutions to digital asset fund managers,” said Matt Stover, CEO of MG Stover. “Our investment in this cutting‐edge technology will allow us to be more efficient and significantly increase the value of services we provide to our clients.” Stover adds that “It’s not only our clients, but it’s their investors, it’s the funds’ auditors, regulators, bankers, exchanges, and other counterparties that are expecting expertise from any fund administrator servicing this new asset class.” MG Stover began servicing digital asset fund vehicles in 2014 and is the industry leader currently servicing over 60 such funds with nearly $2 billion USD in digital asset funds under administration.
Bobby Blackstock, Co‐Founder and Lead Developer of CoinVantage, notes that CoinVantage is the only portfolio accounting and reporting system that has been built for the digital asset marketplace that is backed by experienced fund operators and accountants. While managing his own assets, Blackstock noticed that “the lack of standardized information and reporting provided by the various exchanges, if provided at all, was making basic portfolio management much more difficult than it needed to be.” After speaking with Stover, he realized those pain points were being experienced by institutional asset managers and service providers as well.
The release of CoinVantage to stakeholders and participants in the digital asset markets will enable users to aggregate digital asset portfolios including thousands of crypto currencies and tokenized securities across dozens of exchanges and blockchains. On the platform users can
- Monitor real‐time exposure and growth across currency and exchange types
- Integrate with third party administrators and service providers
- View all portfolio assets under one succinct dashboard
- Tailor investor and fund reporting specificationsAbout MG Stover & Co
Customize third party operational services
Access real‐time profit and loss data
Reconcile accounting and user records Simplify exchange integration processes View up‐to‐date tax statistic
MG Stover & Co. is a full‐service fund accounting and administration firm built by former auditors and fund operators to deliver world class solutions to the alternative investment industry. By partnering with our clientele, we become an institutional extension of their management team while delivering a boutique experience. We empower investment managers; reducing their operational cost, enhancing their reporting capabilities and exceeding their investor’s expectations. The firm has dedicated teams focused on Hedge Funds and Digital Asset Funds as well as a separate team delivering services to Venture Capital, Private Equity and Real Estate funds.
About CoinVantage, Inc.
CoinVantage is a software technology firm developing portfolio accounting and reporting solutions for the digital asset marketplace. Target users of the platform include investors and investment managers as well as service providers such as accountants, auditors, and fund administrators. CoinVantage supports thousands of currencies, has processed millions of transactions and monitors over a billion dollars in digital assets. As Seth Altman, Director of Hedge Funds at MG Stover puts it, “The need for a product like CoinVantage is very apparent in the young and evolving digital asset space. Compiling and reconciling all activity across several exchanges and blockchains is no small feat, but CoinVantage helps to tackle that challenge. Our team has a unique blend of talent from the technology, accounting and private fund industries that gives us the foresight to build a product that the industry needs.”