$100T is managed by “human duct tape” | E2308

How did we end up in a world with a $100,000,000,000,000 in assets and a terrible fund management stack? It's human duct tape, legacy services businesses that are running the entire backbone of these 100,000,000,000,000 of global assets. They're buying QuickBooks. They're buying bill.com. They're buying Excel. And so you end up in this, like, crazy situation where you're stuck with a bunch of human middlemen that that are holding your own data hostage. B to b SaaS was dead, but everyone's like, you're insane. You wanna go build financial info from the most complex investment firms in the entire world, and you've never done this before? This Week in Startups is brought to you by Century. Your team should be focused on shipping features, not chasing down bugs. New users can get $240 in free credits when they go to century.io/twist and and use the code twist. Vanta. Compliance and security shouldn't be a deal breaker for startups to win new business. Vanta makes it easy for companies to get a SOC two report fast. Get $1,000 off for a limited time at vanta.com/twist. And Northwest Registered Agent, get more when you start your business with Northwest. In 10 clicks and ten minutes, you can form your company and walk away with a real business identity. Learn more at northwestregisteredagent.com/twist. Hello, and welcome back to Twist. My name is Alex. Now on a recent episode, one of our venture capital roundtables we do every Wednesday, Turner Novak of Banana Capital gushed over one of his port coasts. Now that's not a very rare occurrence. VCs do love to come on the show and talk about their investments. But in this case, we actually looked into the company in question, got them on the phone to learn more, and it turns out it's a very interesting startup showing where AI meets traditional software and services. So to tell us about bringing AI to the world of fund ops, please join me in welcoming to the program. It's Chris Halonczyk, the CEO and cofounder of Hanover Park. Chris, how you doing? Let's go. I'm pumped for this. I'm pumped for this too. Okay. So here's my thing. When I think about lots of money, which funds have, I think about the ability to pay for strong services and to really have a good operational backbone. But what you told me is that in the world of fund ops, the technology is outdated. There's too many people involved, and you call it a kind of a duct tape operation. So how did we end up in a world with a $100,000,000,000,000 in assets and a terrible fund management stack? Well, it there it's human duct tape where you basically think about, like, legacy services businesses that are running the entire backbone of these 100,000,000,000,000 of global assets are sitting there with a bunch of humans in Kentucky. They're buying QuickBooks. They're buying bill.com. They're buying Excel. And that CFO has to ask …