Agio Technology, a provider of managed IT services for hedge funds, continued to demonstrate significant growth in 2011 as a result of a growing trend of hedge funds and other investment advisory firms outsourcing non-differentiating IT functions to third-party providers.

Marking its second full year of operation, Agio has rapidly established a strong presence in the hedge fund industry, opening and expanding new offices in the US, UK and Asia.

The firm’s growth was noted in February when it received the distinction of being one of MSPmentor’s top Managed Service Providers in the world. Agio ranked 43rd of 100 MSPs in Nine Live Media Inc’s fourth-annual MSP global list. The list also ranked the firm as number one to the top 100 Recurring Revenue Dollars Added in the US, and the 4th worldwide.

Agio now provides support to more than 120 hedge funds. The company’s workforce that has grown to 90 employees, nearly doubling the number of employees of a year ago.

“Increasing industry acceptance of the managed service IT model continued to fuel our rapid growth in 2011,” says CEO Bart McDonough. “This model has gained favour among investment managers who realize they can create significant cost-efficiencies for their firms, provide more successful investment strategies for their clients, and focus more on mission-critical IT projects by outsourcing non-core technology functions to firms like Agio.”