Peter Corry (IQ-EQ): Focusing on people, technology and service
After spending most of his career at State Street, Peter Corry joined IQ-EQ to head up its alternative investment funds business in Luxembourg. He says people, technology and client-driven solutions are the three critical factors that have made IQ-EQ a trusted partner.
What are the main reasons that prompted you to join IQ-EQ?
It was an exciting opportunity. After six years at State Street in the same role, I felt it was an ideal time to assess things. I could have chosen to stay with the same company, but I was intrigued by the fact that IQ-EQ offered something different. My career has always been about learning and broadening my skill sets. Working at State Street was a great experience for me, but I felt that IQ-EQ’s entrepreneurial spirit and independence represented a great next step. I have spent more than twenty years in alternatives with the last eight in private equity and real estate, which is exactly what we are focusing on here. It’s a sector that has developed very positively over the last few years and there continues to be growth within Luxembourg in particular. I also had a good feeling when meeting people during the interview process: it was immediately clear that my agenda was aligned with theirs. Our approach is very straightforward: we focus on people, technology and client-driven solutions. We attract experienced people and create the conditions for them to cultivate their talent and work their way up the ladder. We also invest in tech – a must in today’s world – and put a heavy emphasis on tailoring our client service model. That’s exactly what the group’s rebranding was about: IQ + EQ.
“The global economy will have its ups and downs, but Luxembourg continues to be well positioned and there is a strong commitment to this jurisdiction at group level.”
In the perspective of your international career, how do you see the evolution of the alternative investment business in Luxembourg?
It is definitively one of the destinations of choice. This reality is what convinced me to move here with my family six years ago. There is a huge amount of interest in raising capital via Luxembourg funds and the fact that the jurisdiction has a well established reputation amongst target investors really helps. Managers today want to develop their substance here and find at IQ-EQ a one-stop shop. Under my responsibility, we provide full central administration services, a management company and depositary. We are totally driven by our clients’ requirements and provide comprehensive assistance in creating their fund structures. We also enable them to benefit from the close relations that we have built with law firms and the Big Four, for example. The global economy will have its ups and downs, but Luxembourg continues to be well positioned and there is a strong commitment to this jurisdiction at group level.
What are your objectives with regard to IQ-EQ’s clients and staff?
I’m very hands-on. I want to know my clients and hear what they view as positives and negatives of our service model, so that we can improve their experience. I’ve done that successfully many times in the past. So, I travel to visit them, and do whatever else I can to better understand their priorities and agenda. The technology that we are constantly developing offers new features that make operations more efficient and ease access to the information that we provide. I have received great feedback so far – clients are keen to keep on growing with us and most have plans to launch new projects. For new clients, the onboarding process is critical. It must be flawless in order to establish strong trust right from the start. Our onboarding function is strong, which makes my job much easier. For my team, I like to build a positive working environment. My direct reports are central to this collegial atmosphere. There’s a lot going on at group level, including acquisitions, which widen our product offering and help ensure we have the right tools and effective service levels. We hope to capitalise on these strengths and become a trusted partner for our clients in different ways.