Promus Holdings Selects Canoe Intelligence to Streamline Manual Reporting Processes
NEW YORK, July 09, 2019 – Canoe Intelligence (“Canoe”), a first-of-its-kind technology that eliminates manual data entry for alternative asset investors, today announced a new partnership with Promus Holdings, a multi-family office investment firm, to enhance the efficiency, speed, and accuracy of Promus’ processes for reporting on private and alternative investments.
Established in 2008 in Chicago, Promus was built by a network of individuals with a passion for alternative investments and a desire to share the most effective and efficient strategies with other families.
As Promus’ roster of families has grown, so has the amount of manual data entry required for accurate and timely reporting. By working with Canoe, Promus is able to automate much of this manual work, so the primary focus remains on identifying and executing on investment opportunities for the generations of individuals they serve.
“By eliminating the burden of manual data entry associated with alternative investments, Promus can continue to execute on its client-focused mission,” said Seth Brotman, CEO of Canoe Intelligence. “Promus offers a unique approach to investment selection and portfolio construction and we’re excited to be working with such a thoughtful firm.”
Today’s family offices manage complex portfolios that often include scores of alternative investments such as hedge funds, private equity, and venture capital. As a result, these offices are inundated with thousands of papers, email, web-based, and PDF documents containing hundreds of thousands or millions of transaction, valuation, and performance data points.
“We are constantly looking for new ways to add value for our clients,” said Mike Weaver, Investment Associate of Promus Capital. “With Canoe, virtually all manual data entry associated with our alternative and private investments is eliminated. In this way, we’re able to focus on delivering the best quality of service and investment ideas for clients.”
Canoe Intelligence extracts relevant data points from reporting documents with 100% accuracy, reduces the time spent on managing, categorizing, and extracting information from reporting documents by up to 80%, increases operational efficiency and reporting turnaround time, and saves firms hundreds of thousands of dollars in human resources each year.
About Promus Holdings
Promus is a multi-family office that partners with a small community of like-minded families dedicated to sharing wisdom, experience, and access to unique investment opportunities. Promus strives to create value by helping families preserve and grow wealth through the design and implementation of thoughtful investment strategies. With deep expertise in both traditional and alternative asset classes, Promus provides families with access to investment managers and direct investment opportunities.
About Canoe Intelligence
Canoe’s technology allows institutions, LPs, and family offices to automate data extraction, data management, and other operational processes and refocus capital and human resources on business performance and growth. Canoe’s AI-driven platform was developed in 2013 for a billion-dollar, multi-family office and today is relied upon by hundreds of institutional investors, advisors, and family offices. Learn more: www.canoeintelligence.com.