NES Financial Hires Michael Richards to Head Fund Accounting Team, Strengthen Private Equity Division
Former State Street VP, a Veteran in the Alternative Investment Space, Joins Silicon Valley PE Fund Administration Innovator
NES Financial, a Silicon Valley FinTech company providing technology-enabled solutions for efficient back- and middle-office administration of complex financial transactions, recently hired Michael Richards, formerly of State Street Corporation, as Senior Vice President in charge of Fund Accounting.
Mr. Richards joins NES Financial after nearly 18 years at State Street, where he honed an impressive investment skillset working in hedge fund and private equity fund administration within their Alternative Investment Solutions division. There, he was responsible for a large global team servicing top institutional fund sponsors and LP customers, with a broad spectrum of alternative investment product types.
His background in alternative fund administration and financial reporting with leading private equity fund sponsors, will help to inform NES Financial's approach to complex accounting transactions, automation, financial reporting and investor reporting, and to bolster their rapidly expanding presence in the private equity fund administration space.
"Michael will be a fantastic asset to our growing private equity business," said Dan Yoder, Executive Vice President and General Manager of NES Financial's Private Equity Business Unit. "His background of creative management and innovation in the field makes him a perfect fit for our tech-focused and forward-thinking team."
When asked what convinced him to make the move, Richards praised the company's pioneering culture: "NES Financial's next-generation third-party solution is poised to completely revolutionize private equity fund administration," he said. "Far too often, finance lacks a spirit of entrepreneurism ? but not here. They're doing fascinating things in the space."
The Company's innovative Private Equity Administration Solution provides a fully integrated, scalable, and cost-effective technology platform for third-party fund administration. Designed to help private equity firms raise and retain capital more efficiently and effectively, the solution reduces operational risk by improving compliance and data security, creating greater transparency and service to limited partners, and using data analytics to generate valuable business intelligence for general partners.
About NES Financial
NES Financial is a Silicon Valley financial technology (FinTech) company providing technology-enabled solutions and services for the efficient back- and middle-office administration of complex financial transactions.Serving private equity, commercial real estate, and Fortune 1000 clientele, we offer industry-leading fund administration, loan servicing, specialized EB-5 administration, and 1031 tax deferred exchange services.Our unwavering commitment to data security, operational redundancy, and compliance reporting is evidenced by 11 consecutive years of successful independent audits of our technology, processes, and financial controls.Today, NES Financial services over 190 funds, administers over $75B of 1031 transactions annually, and has worked with over 550 EB-5 projects.
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