Launching lean and with full control
Lombardi Capital, founded in 2021, is a London-based firm running a European long/short equity strategy. From the outset, they wanted to run lean and outsource trading while retaining fine-grained control. This model required an investment management platform that could provide institutional-grade infrastructure without the cost or complexity of a large back office.
When it came time to select technology for Lombardi’s launch, the decision was straightforward. They evaluated the broader marketplace and selected Enfusion for its modular design, ease of integration, and strong implementation track record. Additionally, COO Marc Marsdale had firsthand experience with Enfusion from a prior firm, where he’d overseen a complex platform migration.
From my perspective, I expected we would see the ease of implementation, considering this was a new launch, but we also benefit from the wealth of product attributes that Enfusion can bring to our business. It has been a very positive experience.”
Enfusion’s ability to deliver a modular platform with integrated order and portfolio management, real-time risk views, and full FIX connectivity allowed Lombardi to go live quickly with operational discipline at launch and for later scalability.
A workflow built for precision and trust
Lombardi’s outsourced trading model ensured execution confidence by ensuring every order was correctly staged, verified, and released via FIX. There was no room for error. With Enfusion’s implementation support, they designed a digitized FIX-based workflow that routes orders from the portfolio manager to the operations team for staging and verification before final release to the external trading desk.
This setup enables clear, bidirectional communication loops and internal checkpoints between front and middle office functions. The system also needed to ensure accuracy and auditability. For example, an order originating from the portfolio manager is first staged by the operations team and then pushed back to the PM for final review before being transmitted via FIX. This loop reinforces internal accountability and eliminates ambiguity at each stage.
“It was important to set up the trade flow process so the team could be confident that orders were correctly entered, run through pre-trade compliance, and reviewed before going out via FIX.”
Onboarding a new SMA with minimal friction
In 2025, Lombardi added a separately managed account (SMA) that trades exclusively in cash equities, unlike the main fund, which trades primarily on swaps. This expansion brought new compliance and allocation complexities, including distinct restricted lists and allocation logic between the swap-heavy main fund and the cash equity-only SMA. The Enfusion team helped Lombardi configure and test this new functionality without disrupting existing workflows.
"It’s not intuitive in some respects…there is nuance that goes into making sure orders are allocated properly. The attention and time we got from the Enfusion team made a huge difference in sending correct orders to our executing broker."
This work resulted in a tailored configuration that allows Lombardi to use custom-built trade tickets and reporting logic, ensuring smooth allocation and reporting across both fund structures despite their structural and instrument-level differences.
Compliance built in—not bolted on
As a European equity specialist, Lombardi also faces a wide range of pre-trade compliance obligations, from SMA-specific restricted lists to position limits and disclosure thresholds under European short sale rules. Enfusion enables automated pre-trade checks and supports daily regulatory reporting with minimal manual input.
“We’ve built a report that shows us an aggregated view, so we know where we’ll need to make disclosures.”
This automation keeps compliance proactive and embedded, not reactive and burdensome. It frees Lombardi’s team to focus on higher value-added tasks such as monitoring risk exposures, configuring trade allocation views, and optimizing workflows.
Real-time oversight with a lean team
Lombardi’s operational team consists of just two people, but with Enfusion, they can cover monitoring needs spanning multiple accounts, mandates, and risk profiles. For example, Enfusion provides custom dashboards that show gross and net exposures in real time, with views tailored to each account’s structure. This advantage bypasses the need for manual reporting and reviews to answer day-to-day operating questions.
“We’re able to monitor intraday where our exposures are and maintain our risk limits within each client mandate.”
Tailored to scale for new SMAs
Combined with Enfusion’s rapid support response times with requests such as reconfiguring trade tickets during SMA onboarding or quickly updating views to reflect regulatory thresholds, Lombardi can operate with the precision of a larger organization.
Looking ahead, if Lombardi wants to expand their SMA business or source locates electronically before executing short sales, they see Enfusion’s modular design and frequent platform enhancements as a strategic advantage. According to Marsdale, it gives them the flexibility and infrastructure to support their evolution seamlessly.
Why Lombardi recommends Enfusion
Enfusion is one of the premier vendors we use. For a strategy like equity long/short, it’s very difficult to get better in the marketplace for the value that Enfusion provides.”
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