Who We Are
You invest, we do the rest.
While researching the various portfolio management platforms available for a global single family office, we found a gap in the market for “consolidated portfolio reporting”.
Yalmar Solutions was established to address this gap, combining the best of technology and financial expertise to deliver a best-in-class, fully outsourced offering covering all assets across your portfolio.
We have built the team and the platform so that you can spend more time focusing on managing your investments, rather than wasting time building spreadsheet reports.
Get in touch with us today for an interesting discussion on how we can help you succeed with a new digital platform.
Hjalmar Vestby Bøe
15+ years of experience working with portfolio analysis, compliance, system vendors and family offices.
Why We Founded Yalmar Solutions
“We could not find a family office reporting platform, so we decided to create one ourselves”
When setting out to digitalise the portfolio management process for a Single Family Office using cloud technology, we realized that this would be a significant challenge. Not only would this require us to migrate historical data from spreadsheets and accounting systems, but to reduce manual work going forward we would have to integrate with banks in the back end and produce digital reporting to owners and managers in the front end. Not a small project for any asset manager, let alone for a Single Family Office.
As the scope of the task at hand dawned on us, we started looking for vendors who could do more than just provide the software or a data link to a bank. We were looking for someone who had built a digital platform for the specific challenges of a family office already so that we did not have to build everything from scratch. The limited options in the marketplace forced our hands to choose an in-house setup, implementing and customising a modern cloud-based portfolio management system with bank integrations, while still relying on semi-manual reporting based on spreadsheets to meet the specific requirements for portfolio analysis and consolidation of assets across the legal entities that made up the family group of companies.
At the end of this project, we decided to have a go at addressing the apparent hole in the marketplace for a plug-and-play digital platform for the family office segment, which is growing rapidly in size and at the same time accumulating technological debt by relying on manual processes, static accounting systems and spreadsheet reporting.
Initial Success, Followed by a Setback
"We successfully created a solution that our initial clients were happy with, but our standard approach fell short in the face of new requirements"
We successfully created a solution that our initial clients were happy with by basically customizing and adapting a standard software solution. However, we were facing the same challenges as when we were working for a family office ourselves; the standard software solutions worked better for fund fact sheets than for complex owner-reporting and the customized reporting was time-consuming to develop and maintain. At about the same time we lost a promising tender process to a global software vendor of in-house solutions and the COVID crisis was at its peak, limiting our opportunities to meet up with prospects and potential new clients. All in all, things did not look that great for our start-up company back then.
After reviewing the market and our skill set of family office expertise, as well as technical and financial know-how, we were still convinced that we could make the concept work. We drew up a long-term plan for gradually developing our reporting platform, which had family office solutions at its core from day one. The first version of our digital front end was released in the fall of 2020 and we have not looked back since.
The Success Continues
"We now have the digital platform we envisioned a few years ago"
We have kept investing in our digital-, as well as customized PDF reporting and this continues to be our key differentiator in the marketplace. We have also started replacing ‘off-the-shelf’ bank integrations with our own so that we can add logic and create security transactions from bank cash flows for non-bankable assets such as direct investments, real estate and private equity funds, all to reduce manual back office tasks and reduce operational errors.
We now have the digital platform we envisioned a few years ago and are ready to bring technological success to family offices of all sizes.