Denis Harty (Waystone Management Company): Growth and sustainability go hand in hand
Waystone offers specialist services for the asset management industry and has over €300 billion under management. Despite its impressive track record, the company is projected to grow by 50% in 2023.
What are your main goals as the newly appointed CEO of Waystone Management Company?
My foremost objective is to build upon the exceptionally strong foundations that our business has established over the years and lead the firm into its next phase of growth. I believe there are three primary enablers for this next phase of growth: an unwavering focus on service excellence, further technology enablement, and our people. Waystone has earned its reputation based on service delivery and the client experience, which are deeply ingrained in our DNA. Our high level of referenceability is a testament to this dedication. This commitment to our clients as our "raison d'être" will remain unchanged under my leadership. The second significant area of focus will be technology enablement. While our existing infrastructure is cohesive and responsive, we will continue to invest, particularly in data management and enhancing the client experience.The final goal centers around our people and culture. We are fortunate to have exceptional talent within our firm, and we strive to provide a flexible and intellectually stimulating work environment for our staff. Retaining and attracting top talent will be crucial in driving our business forward. Our company's success is built upon the skills, expertise, and dedication of our employees, and we are committed to investing in their development and offering opportunities for growth and advancement.
“Our success is built upon the skills, expertise and dedication of our employees.”
How are your clients’ needs evolving?
Our clients' needs are becoming increasingly sophisticated, and we continuously adapt our offerings to cater to these evolving demands. We have witnessed growth across all our service offerings, with a notable increase in alternative investments such as private equity, private debt, and infrastructure. In fact, Waystone launched half of all RAIFs (Reserved Alternative Investment Funds) in the Luxembourg market in 2022, and we expect this growth to persist. Furthermore, we have observed a rising demand for sustainable investing and impact investing strategies. Investors are placing greater emphasis on environmental, social, and governance (ESG) factors when making investment decisions. To meet this demand, we are committed to help our clients to reach their sustainable investment goals that align with their values, while supporting them with their regulatory compliance.
Which challenges and opportunities do you identify for Luxembourg in general and Waystone?
Challenges and opportunities often go hand in hand, and it's a matter of perspective. In the case of Luxembourg, the challenges faced can be seen as a reflection of the success of its fund industry. One significant challenge is the availability of a sufficient number of skilled individuals for the highly specialized roles in the rapidly growing financial services sector. Thankfully, Waystone remains an employer of choice. Our presence in Luxembourg continues to strengthen day by day, with the addition of a full-service Alternative Administration business complementing our existing services such as Management Company, Corporate Services, and Regulatory Reporting. Our business is projected to grow by over 50% this year, creating significant opportunities for our employees. As the newly appointed CEO of Waystone Management Company (Lux), I am extremely pleased with the current position of our firm. We are on a strong growth trajectory and well-positioned to deliver exceptional solutions to our clients.