Here are some key quotes from my latest podcast with Nide Panchee, Founder of Panchee Advisory, on the growth of outsourced services.

“Working for a global institution, I had the opportunity to gain experience in a lot of different functions in business. I actually started in operations, moved to the investment side, and then transition back to operations.”

“A lot of times these fund managers haven’t thought of certain things, but because I’ve been exposed to both sides, I’m able to bring that up and present solutions for them.”

“it actually wasn’t a conscious decision to start a [consulting] company. It evolved organically. It started with just me and a single project.”

“I looked around and given my proximity to [New York City], I saw that there was a vast, untapped pool of talent. All these highly professional women who had left the workforce to raise a family who wanted to work in finance again, and finding it difficult to come back. And so I realized I was in a position to provide them with the opportunity.”

“And what I do is I post on local ‘moms’ groups’ for professional moms who have been looking to re-enter the workforce. I’ve posted on that job posting sites, but that hasn’t been as successful for some reason.”

“A core service we offer is shouldering the responsibility of running day-to-day operations for middle market and private equity funds. And so with this mandate, we serve as the primary point of contact between the General Partners and the traditional third-party service providers.”

“One of the points that I found to be very interesting is that roles we traditionally thought should be kept in-house are no longer being thought of as roles that must be kept in-house.”

“I actually have a client who is almost completely virtual, every aspect of his business is outsourced. And he wants to focus solely on sourcing deals and investing. And he is the perfect client for us.”

“As the business has been growing, I’ve been trying to utilize different technologies to make sure that [our team] communicates and that we work together efficiently and cohesively as a team. Because we’re not structured by clients, we’re structured by function.”

“I think that the trend towards the Chief of Staff function, where you have one party coordinating and managing other outsource providers, I think you will see a lot more of that – where the fund manager doesn’t have to rely on full time in-house staff.”

“I think technology will be a key driver of managing operations and processes and giving the fund manager the bird’s eye view or a dashboard of what’s going on without having to really be in the weeds.”