David Andrade currently serves as CTO of $12 billion multi-strategy asset manager Xponance®Inc. and General Manager of its subsidiary Aapryl® LLC. Xponance® offers a variety of investment solutions including active and passive systematic equity, fixed income, and alternative solutions as well as multi-manager strategies that source alpha from emerging and diverse managers. Aapryl® provides web-based manager performance statistics and portfolio risk management tools to help clients find investment managers, build portfolios, and manage risk.
Path to Launching Aapryl®
David began his career with a ‘Big 6’ accountancy firm and roles in tech consulting, which trained him to listen to customers and find unique technology solutions to meet their needs. This was critical training for his eventual role in managing IT operations at Xponance® and building its Aapryl® subsidiary.
David joined FIS Group, later renamed Xponance®, in 2016 with the primary goal of helping to develop its fintech platform, Aapryl®. Xponance's research, selection, and monitoring of managers spanned 15 years, and the firm realized that by codifying its manager analysis approach into software, it could offer a distinct value proposition to clients. David helped turn this idea into a reality. While creating an IT firm and culture within an established asset management company was no easy feat, his team scaled the Aapryl® platform with support from Xponance’s leadership and a devoted staff.
The Problem-Solving CTO
David's job as CTO of Xponance® and General Manager of Aapryl® is multifaceted and no two days are the same. Put simply, he helps coworkers to solve problems through technological or process reengineering, but this can take many different forms.
Critical to success in this role is ensuring his team is immersed in the business,so they can best leverage technology to support the company’s strategic goals. To do this, he attends Investment Strategy and Operations sessions to stay current with the firm’s priorities and build deep relationships with colleagues across departments.
In addition to prioritizing business needs first, David’s team takes a proactive problem-solving approach. Rather than wait for issues to arise, his IT staff frequently evaluates internal client demands, asks for feedback on operations, and educates workers across the business, allowing for real-time course corrections. David believes this collaborative approach has removed barriers and accelerated best practice investigation and implementation.
Leadership Lessons & Team Management
As a team leader across both the Xponance® and Aapryl® organizations, David has critical insights into how to be a leader and generate new ideas. First, David is a big believer in open team communication and collaboration and the idea that everyone should feel free to speak up – this is the best way to identify new ideas.
Second, he feels it’s important to provide your team with clear, timely, and constructive feedback. Additionally, his team also participates in the organization-wide mid-year and end-of-year performance reviews.
Third, great leaders can find inspiration from external sources and adapt outside practices to their workplace. What was the gold standard in tech two years ago isn't always the best now. Exposure to other cultures and inventions is vital, he adds.
For example, David is particularly interested in software startups that build new markets and business methods. During a recent trip to India, he learned about the e-grocery company BlinkIt, which promises to deliver your purchases within only 10 minutes of completing an order. This revolutionary company challenges the status quo and has helped him consider new technologies out there changing what we believe is possible.
Finding New Solutions
Across his roles at Xponance® and Aapryl®, David has implemented new technologies to improve the firm’s business process.
For example, during the pandemic, his organization began using Microsoft Teams to collaborate between offices (Philadelphia, Durham) and remote workers. Teams helped them stay connected and promoted greater collaboration.
On the Aapryl® side, his team has an alliance with Amazon Web Services (AWS) and they are now working very closely with the AWS Financial Services technology architects to understand how they can further leverage their AWS investments. They just assessed with AWS how to shorten the time it takes to calculate quarterly manager-reported statistics. Switching from PostgreSQL to Elastic Cache lowered the time it takes to conduct quarterly computations by 25%. This will help clients make financial decisions using more timely analytics.
Looking Ahead
Xponance's mission is to assist clients as a trusted solutions partner while striving for investment excellence sourced through diverse professionals. David says the firm's biggest strength is its unwavering commitment to its mission, which is reflected in all that they do.
Their name is taken from "exponent" and connotes their key objectives: to be zealous champions for their clients and to deliver a larger choice of financial solutions. Whatever the future holds, the firm will put clients first and promote diversity in the investment profession. Over the next five years, they plan to continue to evolve their platform to meet investor needs and offer their clients innovative results.
For more information on Aapryl® please visit us at Aapryl or for more information on Xponance® please visit us at Xponance.
Posted in CLF | 10 Best CTOs of 2022, David Andrade, CTO Xponance & General Manager Aapryl Profile