England based start-up ClearGlass has raised USD 3.6 Million funds on the 4th of March, 2021, in a seed funding round led by European VC Lakester, Outward VC, along with some several investors from asset management.
Investors:
The acquisition of USD 3.6 Million funds took place in a seed funding round led by European VC Lakester, Outward VC, Alexander Large, Ruston Smith ( a pension body), Rob O’ Rahilly, Sikandar Ilyas (Former JP Morgan Employee) and Richard Butcher.
What the funding is for:
The fresh funding would be utilised for addressing the £ 1.5 trillion mature “Defined Benefit” pension schemes market. According to the sources, the organization is also planning to expand into the U.K. pension market and build up its impression in Europe and Africa.
Founders of the company:
Dr Christopher Sier ( A World Bank and FCA expert who recently built up the cost transparency standard at the request of the FCA), Ritesh Singhania and Kunal Varma.
Founded year: 2018
About the company:
clear glass is a privately held organization that is also known as a digital intermediary between asset managers and pension funds. It also helps to assemble the necessary costs and performance data from asset managers. Its headquarters are established in London, England, United Kingdom and have a work strength of 11- 50 employees. They also deal with various specialities like Cost Transparency and Cost and Charges data.
What the CEO has to say: ” Finding your costs are so much larger is shocking, but also something to be celebrated. These incremental costs were always there, they just weren’t exposed, and now you can identify those and bring about change. You can’t manage what you don’t measure.” — Dr Christopher Sier, CEO of the company.
“Getting the data about pension funds is normally super challenging and complicated. And second of all, even when you got the data, you couldn’t make head nor tail of it because you can not compare it across funds. What we have done is that we have been the line of communication between the manager and the pension funds. So we have built a piece of technology that helps with the communication between the asset managers and the pension funds to be able to collect the data, check that data.
And finally, give them something that doesn’t require them to spend 20 hours to understand it.” — Ritesh Singhania, COO of the company.
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