PSquared Asset Management is a Switzerland-based alternative asset manager that invests with a focused approach grounded in fundamental primary research. It serves institutional clients and operates under evolving regulatory pressure. The firm has no internal IT department and relies on external experts to run its infrastructure and meet compliance standards. It has worked with Thrive, formerly Edge, since 2017, and its COO, Gary Penning, reports on IT posture and provider performance to the board.

PSquared Asset Management manages money for institutional clients in a regulated environment, and it does so without an internal IT department. Since 2017 it has relied on Thrive, formerly Edge, for external support. As the firm matured, so did its IT and security needs, and the original, more straightforward support model no longer matched them.

The cyber threat landscape shifts constantly, and financial firms face growing scrutiny from investors and regulators. COO Gary Penning described it as a massively changing landscape every single year, with new demands each time. Staying ahead required a more robust approach to IT and cybersecurity: patch management, vulnerability scanning, incident response readiness and reviews of the firm's technology architecture, not just day-to-day support.

The firm's service contract was another gap. It had been a vague, high-level agreement, while regulators expected a document that went into real depth on deliverables and compliance. As the executive responsible for reporting on IT posture and provider performance to the board, Penning also needed a partner who could turn technical detail into actionable insight and whose recommendations he could trust were made for the business rather than to make a sale.

Thrive expanded the breadth of services available to PSquared, moving well beyond basic IT. The engagement now covers advisory services, cloud, disaster recovery, end user support, managed infrastructure, Microsoft 365 and security, including patch management, vulnerability scanning, incident response readiness and technology architecture reviews. Thrive provides guidance and timely recommendations that align the firm's infrastructure with security and compliance best practices.

A turning point was the overhaul of the service contract. The previous high-level agreement became a detailed, regulatory-compliant document that spells out deliverables and ensures alignment with all applicable regulations.

Thrive supports PSquared through a dedicated team: an Account Manager who brings strategic oversight and business alignment, a Client Success Manager focused on day-to-day satisfaction and service delivery, and a virtual CIO (vCIO) who advises on IT strategy and long-term planning. The vCIO acts as a translator of technical detail and a behind-the-scenes driver of improvements. Frequent contact, through scheduled meetings, lunches, ad hoc calls and industry events, has given the team a working knowledge of PSquared's needs and culture.

Regular technology business reviews aligned to the Center for Internet Security (CIS) framework provide a consistent cycle of evaluation and improvement, and Thrive proactively recommends secure, modern technologies before issues arise. A formal incident response plan is in place, and the firm can reach a live security expert within minutes.

• Service scope expanded to patch management, vulnerability scanning, incident response readiness and technology architecture reviews
• Service contract rewritten from a vague, high-level agreement into a detailed, regulatory-compliant document
• Formal incident response plan in place, with a live security expert reachable within minutes
• Regular technology business reviews aligned to the Center for Internet Security (CIS) framework
• COO reports being very comfortable presenting the firm's IT architecture and support to the board