Livello Capital Management launched its Special Opportunities Fund in May 2020 with an initial AUM of approximately $33 million. Since then, the Firm has experienced rapid growth and currently manages approximately $169 million in assets.
Finding and Eliminating Constraints
After launching, Livello felt constrained by their investment management platform’s outdated infrastructure, lack of an integrated general ledger, and reporting and service hiccups. They undertook a search in 2022 for a more sophisticated, comprehensive solution to improve accuracy and timeliness and drive operational efficiencies.
We needed a system with an integrated general ledger for shadow accounting to ensure that we have complete books and records reconciliation with our fund administrator. With our previous provider, we sometimes had to correct information in reports. Accurate reporting is important, especially on the bank loan aspect. - Joseph Salegna, CFO, Livello”
The power of seamless workflow
Enfusion delivered a single, unified PMS, OEMS, and full General Ledger Accounting solution for seamless trade processing. Livello has benefited from increased accounting transparency and accuracy, enabling enhanced maintenance of shadow accounting books to cross-check with their third-party fund administrator.
Additionally, Enfusion Managed Services provides robust trade booking, including for bank debt, replacing Livello’s prior manual process. Now, Livello receives fixed execution recaps, bank loan bookings, Notices of Execution (NOEs), and drop copies across bonds, equities, and options. This support reduces the need for internal personnel to perform time-consuming administrative tasks, freeing up staff to focus on higher-value work. Livello enjoys a white-glove, hands-on team of experts who know their business, with Enfusion Managed Services head John Falcone taking an active part in ensuring top performance.
With Enfusion, we've gained at least an hour back per day for my Director of Operations to devote to more strategic initiatives. Now we can focus on enhancing internal processes and controls as we continue to scale our business.”
Taking adoption to the next level
As a next step, Livello plans to adopt Enfusion’s OEMS for full trade lifecycle coverage. This expansion will enable automated delivery of trades and allocation details to prime brokers and fund administrators daily, as well as pre-populated and customizable compliance rules. “We’re excited to take advantage of Enfusion’s full front-to-back-office functionality, from end-of-day to the portfolio rolling over to the next trading day,” Joseph Salegna, CFO, said.
Enfusion gives Livello a high level of flexibility and control, in addition to streamlined accounting workflows and enhanced reporting capabilities. “The ease of use in creating reports, or having Enfusion create a custom report, is something my previous system couldn’t do. Now we have a high level of flexibility that creates new possibilities,” per Salegna.
The right solution for credit
We need providers that understand credit markets and the nuances of the instruments we trade, especially bank debt. There aren't many firms that can accurately account for and handle all the intricacies of these transactions. Enfusion is one of the few that has the capabilities and knowledge we required.”
The ability to navigate the complexities of opportunistic credit investments with Enfusion’s software, Managed Services, and expert support elevates Livello’s accounting and operational processes. Enfusion’s unified PMS and general ledger provide accuracy and transparency across Livello's books, including shadow accounting and reporting.
As they expand, Enfusion’s OEMS will further eliminate manual processing of trade lifecycle coverage. Enfusion's flexibility in handling complex instruments ensures Livello can adapt as credit markets evolve. With a purpose-built system scaled for growth, seamless workflows, and nuanced credit support, Enfusion equips Livello’s finance and operations teams with a powerful platform for future expansion.
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