Syncova, a provider of margin and financing software to hedge funds and prime brokers, has opened an office in New York.

The firm has also appointed Kevin Ashby (pictured) as non-executive director. 

Syncova’s client base includes some of the largest US prime brokers and hedge funds with a combined total AUM of USD94bn.

The New York office will provide a local support hub for existing clients and drive further business development efforts in North America. 

Liam Huxley, Syncova’s chief executive, says: “Market demand for our services in the US has never been greater, with hedge funds under increasing pressure to track and reconcile all costs and improve control, transparency, and reporting, while prime brokers face the challenge of accurately reflecting risk in their financing models. Our New York presence will help us develop innovative, flexible solutions to satisfy regulatory and investor requirements and to expand our US client relationships.” 

Ashby brings more than 30 years of financial technology experience to Syncova. His career includes leading Saxo Bank's Asia Pacific operations and running Patsystems, a UK public company focused on trading solutions for the derivatives industry. He has also served as deputy chairman of FX Architects and as a senior adviser to investment bank Marlin.

Ashby is also currently executive chairman and chief executive of Velysys, a provider of trading and risk management solutions to the FX marketplace.