You are on page 1of 26

HEDGE FUND TECHNOLOGY

Front Office
Page 2 Research and Analysis
Page 4 Trade Execution and Management
Page 8 Portfolio Management

Middle Office
Page 11 Data Management
Page 13 Risk Management
Page 15 Cash and Collateral Management
Page 16 Securities Pricing and NAV Calculation
Page 17 Investor Relations
Page 18 Trade Reconciliation and Processing

Back Office
Page 19 Accounting
Page 21 Compliance and Reporting
Page 24 Administration
Page 25 IT Security and Support

HEDGE FUND ALERT: 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700
To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Research and Analysis

FRONT OFFICE: Research and Analysis


Vendor

Product

The Skinny

AIM Software
aimsoftware.com

GAIN Corporate Actions DM

Tracks various corporate events for companies in an investment portfolio, enabling


the manager to react promptly to announcements. Austrian vendor founded in
1999.

Arialytics
arialytics.com

Aria

Aims to reduce the time it takes to identify, design and review trading algorithms.
Created with new and emerging managers in mind. Allows users to quickly analyze
big-data sets to identify patterns and predictors. Machine-learning component
tweaks models in response to real-time activity. Rye, N.Y., vendor founded in 2010 by
David Marra, previously a principal at Boston Consulting.

Dataminr
dataminr.com

Dataminr

Continually monitors and analyzes publicly available Twitter feeds for information
about companies and investments. Provides customized real-time alerts. Serves
50-plus financial firms with a combined $500 billion of assets. New York vendor,
founded in 2009 by three Yale graduates, has raised $50 million of venture capital.

Deltix
deltixlab.com

TimeBase,
QuantOffice,
QuantServer

Software suite allows quantitative managers to aggregate and analyze vast sums
of data, develop trading algorithms, back-test models and execute trades.
Customers can purchase components separately or in a bundle. Also offers a
hosted version. Clients include Ananta Capital. Employee-owned company, based
in Natick, Mass., was founded in 2005.

EidoSearch
eidosearch.com

EidoSearch

Quantitative-investing software employs pattern recognition to analyze equity,


futures, foreign-exchange and global-macro instruments. Clients include Bridgewater
and TIG Advisors. Chief executive Steven Zhang has worked with NASA and on the
Human Genome Project. Former Thomson Financial chief executive Jeff Parker
named chairman in 2013. Toronto company founded in 2009.

eVestment
evestment.com

Quantum Analytics,
Spectrum Analytics,
Spotlight Analytics

Web-based systems help funds of funds and other investors analyze hedge fund
performance and liquidity. Quantum Analytics is the most powerful and expensive of
the three versions, followed by Spectrum Analytics and Spotlight Analytics. Atlanta
vendor, founded in 2000, has grown by acquiring companies including Fundspire,
HedgeFund.net and PerTrac.

FactSet Research Systems


factset.com

FactSet Entity Data


Management

Announced in February 2015 that it was acquiring Code Red, a Boston software firm
that provides research-management products to institutional investors. FactSets
technology matches data sources to identify links between entities, securities, people
and funds. Norwalk, Conn., vendor, founded in 1978, is publicly traded company
specializing in analytical applications for investment firms.

Kensho Technologies
kensho.com

Warren

Online tool analyzes performance of various assets under multiple conditions via
plain-language queries. Cambridge, Mass., company founded in 2013 by a Harvard
Ph.D and a former Google programmer. Secured $10 million of seed capital from,
among others, Google Ventures and Devonshire, Fidelitys private-investment arm.

Ledgex Systems
ledgex.com

Ledgex Research

Processes large amounts of research data to perform manager-selection and


manager-monitoring functions. Designed for funds of funds, endowments, pensions
and family offices. Boston vendor founded in 2008.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Research and Analysis

FRONT OFFICE: Research and Analysis


Vendor

Product

The Skinny

Lucena Research
lucenaresearch.com

QuantDesk

Online portal billed as easily accessible and affordable way for fund managers to
access quantitative tools including advanced pattern-recognition algorithms and bigdata analysis. Product suite includes price forecaster, portfolio optimizer and
hedge finder functions. In November 2014, augmented predictive models with
consumer-travel data from AirSage. Atlanta-based Lucena co-founded by former F15 fighter pilot Tucker Balch, a Georgia Tech professor specializing in artificial
intelligence and machine learning.

Market Prophit
marketprophit.com

Market Prophit

Takes big-data approach to monitoring social media for clues to market sentiment.
Uses proprietary method to weigh bullish and bearish comments on Twitter. Also
ranks posts based on the accuracy of past predictions. Firm based in New York.

Markov Processes
International
markovprocesses.com

Stylus Pro Suite

Software suite integrates in-house and third-party data to perform returns-based


analysis. Helps hedge funds develop leverage and short-position strategies,
understand risk factors driving returns, separate alpha from beta and carry out other
analytical tasks. Summit, N.J., business started in 1990 by Russians Michael Markov
and Mik Kvitchko, who first developed software based on the analytical methods of
Nobel Laureate William Sharpe.

Mosaic Research
Management
mosaicrm.com

Vendor Relationship Manager

Gathers feedback and quantifies the value of a firms research vendors. New York
company founded in 2010.

QuantConnect
quantconnect.com

QuantConnect

Cloud-based system designed for startup and smaller quantitative managers. Allows
users to design and back-test trading programs, drawing computing power from
hundreds of servers for fast results. Provides access to historical data on equity
prices and foreign-exchange rates. New York vendor offers multi-tiered pricing based
on size and scope of clients operations. Founders Jared Broad and Shari Rosen
secured financing from angel investors in 2013.

RavenPack
ravenpack.com

RavenPack News Analytics,


RavenPack Indicators

Offers two tools designed to harvest structured information from unstructured text
published by leading news and social-media sources, with aim of delivering
machine-readable data. Customizable for various applications, including event alerts
and triggers. Vendor, with offices in London and New York, founded in 2003.

Software AG
softwareag.com

Apama Real-Time Analytics

Performs real-time analysis of multiple data streams to formulate trades in response


to corporate events. Aimed at event-driven traders. Publicly traded German vendor
focuses on big-data applications.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Trade Execution and Management

FRONT OFFICE: Trade Execution and Management


Vendor

Product

The Skinny

ACA NorthPoint
acacompliancegroup.com

Order Management System

Integrates with most electronic-trading platforms using FIX protocol, offering broad
coverage of asset classes including fixed-income instruments and swaps. Offers
user-configurable, rules-based compliance tool that supports pre/post trade and
ad hoc tests, alerts and audit trails. Seamlessly integrates with ACA NorthPoints
portfolio-management system, and comes packaged with its Security Master and
Price Master applications. Vendor known as NorthPoint Financial before being
acquired by ACA Compliance in November 2014.

Advent Software
advent.com

Moxy

In July 2015, Advent was acquired by SS&C Technologies in a $2.6 billion deal
creating a financial-technology powerhouse serving more than 10,000 clients.
Advents installed or hosted system connects users to multiple trading partners,
including dark pools, and performs a range of functions covering multiple asset
types. Supports algorithmic trading of stocks and options, providing access to 250
algorithms from 25 brokers. Also available as front- to back-office system that
includes Advent Rules Manager and Advent Portfolio Exchange.

Apex Technologies
apexfundservices.com

Vector,
Vision

Developed by firm best known as a fund administrator. Multi-asset ordermanagement system, Vector, syncs with portfolio-management system, Vision,
which provides real-time position monitoring and reporting. Designed to work with
Linedatas execution-management system. In March 2014, Vision augmented with
NAV calculator Tzero that values assets within three hours of market close. Londonbased Apex administers $28 billion of hedge fund assets via 34 offices globally.

Black Mountain Systems


blackmountainsystems.com

Everest

Handles a variety of functions including order management, portfolio management,


reporting, compliance and data management. Primarily designed for managers
investing in bonds and loans. San Diego firm founded in 2007.

Bloomberg
bloomberg.com

Bloomberg Asset &


Investment Manager (AIM)

Front- to back-office suite specifically designed for hedge funds and other buyside shops. Hosted platform suitable for range of assets. Entry-level version, Hedge
Fund Tool Box (HBOX), is available for funds with less than $250 million.

Calypso Technology
calypso.com

Calypso

System performs front- to back-office functions including order management,


liquidity control, collateral management, risk analysis and accounting. Supports
trading of stocks, bonds, currencies, money-market instruments, commodities,
derivatives and other instruments. San Francisco vendor, founded in 1997, counts
some 40 buy-side clients, including AllianceBernstein and Cairn Capital.

Charles River Systems


crd.com

Charles River IMS

Front- to back-office investment-management system from one of the leading buyside technology vendors. Bundles multiple products including Charles River Trader
(order execution), Charles River Manager (portfolio management), Charles River
Settlement (trade confirmation and settlement) and Charles River Compliance (preand post-trade monitoring). In October 2014, began offering users the option to
receive Interactive Datas corporate-action service through investment book of
record (IBOR) product. Burlington, Mass., vendor has 350-plus clients worldwide.

Citadel Technology
citadeltechnology.com

Core Order Management


System

Automates range of functions, from pre-trade compliance to trade reconciliation.


Also available in Plus and Premium versions that offer more advanced
compliance-monitoring, analytics and hedging capabilities. Technology originally
developed for use by Ken Griffins investment team at Chicago hedge fund shop
Citadel. In 2013, technology unit partnered with REDI Global Technologies, a former
Goldman Sachs unit, to integrate REDIs execution-management capabilities.

Citco
citco.com

Citco AExeo

Front- to back-office system developed by Tudor Investment, which licenses the


software to Citco on an exclusive basis. AExeo offers a securities database,
manages portfolios, runs analytics and generates profit-loss statements. In 2012,
Citco partnered with Infonic of Switzerland to integrate Infonics HedgeSphere
software, which offers middle-office and portfolio-management tools to funds of
funds. Citco best known as the worlds largest hedge fund-administration
business.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Trade Execution and Management

FRONT OFFICE: Trade Execution and Management


Vendor

Product

The Skinny

Cymba Technologies
cymba-tech.com

Cymba Athena IMS

Performs decision-support, order-management and execution-management


functions, as well as compliance, accounting and real-time profit-loss analysis.
London vendor founded in 2006.

Derivation Software
derivation.co.uk

Derivation

Developed as front-office tool, but has expanded into front- to back-office system
handling portfolio-management, risk-management and accounting functions. U.K.
firm, founded in 1996, began targeting buy-side managers in 2005. Client roster is
heavy on hedge funds, including Nan Fung Investment and Skyline Capital.

Eze Software
ezesoft.com

Eze OMS,
Eze JumpStart

Ezes order-management system dominates the hedge fund market, according


to Aite Group, with some 500 clients. Distinguished by open architecture, robust
compliance functions and mobile applications. Offers 750-plus broker-supported
algorithms. OMS often bundled with Ezes execution-management software,
RealTick EMS, and portfolio-management product, Tradar PMS. Introduced Eze
JumpStart in January 2015 as a turnkey system for startup hedge fund
operations. In 2013, ConvergEx sold Boston-based Eze Software and RealTick
businesses to private equity firm TPG.

Fidessa
fidessa.com

Minerva

Performs order-management functions for large asset managers trading equities,


fixed-income securities, futures, options and over-the-counter derivatives. Can be
integrated with Fidessas portfolio-management and compliance tools. Recently
added trade-affirmation capabilities. U.K. public company founded in 1981.

FinlogiK
finlogik.com

FinlogiK for Investors

Software suite designed to achieve fast processing, timely pricing and evaluation
of trades using financial models, market-data management and risk management.
Montreal vendor founded in 1998.

Fiserv
fiserv.com

Portfolio Management &


Trading

Product suite includes Global Portfolio Accounting, which manages confirmations


of trades; Investment Manager, a tool for creating and managing securities
portfolios; as well as Managed Accounts, Model Management, Reconciliation
Manager, Reporting Services and Trading Services. Thirty-year-old financialtechnology giant formed via merger of First Data Processing of Milwaukee and
Sunshine State Systems of Tampa.

FIX Flyer
fixflyer.com

FIX Engine,
Drop Copy Service

FIX Engine facilitates high-speed trades (less than 25 microseconds) via links to
brokers, exchanges and electronic-trading networks. Drop Copy Service provides
connections to a variety of trading partners including Bloomberg and Goldman
Sachs for trading equities, options and fixed-income securities. New York vendor
founded in 2003.

FlexTrade Systems
flextrade.com

FlexTrader

Provides range of execution-management functions including pre- and post-trade


analytics and algorithmic strategies. Handles wide range of assets. Configurable
for multiple traders over a network, and runs on Mac, Linux, Unix and Windows
systems. Offers a hosted option called FlexTrader EXP. Great Neck, N.Y., vendor
founded in 1996.

Indata
indataweb.com

Intelligent Portfolio
Management (iPM)

Performs front- to back-office functions including order management, portfolio


accounting, compliance, reconciliation, performance monitoring and research
management. Can be accessed via cloud. Clients can purchase iPM Back Office and
iPM Trading modules separately. Employee-owned firm based in Greenwich, Conn.

InfoReach
inforeachinc.com

InfoReach Trade
Management System,
HiFREQ,
InfoReach Prelude

Customizable trade-management software performs pre- and post-trade analysis and


offers broker-provided algorithms. Handles trades of equities, options, futures and
currencies. HiFREQ version, for high-frequency traders, can execute 20,000-plus
orders per second on a single connection. Prelude is a pre-configured version of TMS
for traders who dont require customization. Chicago vendor founded in 1995.

ION Trading
iontrading.com

Spectrum Treasury

Installed and hosted versions perform front- to back-office real-time functions


including trade execution, verification and confirmation, as well as risk
management and accounting for stocks, bonds and derivatives. Developed by
Financial Software Systems, which London-based ION acquired in 2013.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Trade Execution and Management

FRONT OFFICE: Trade Execution and Management


Vendor

Product

The Skinny

ITG
itg.com

ITG Order Management


System (MacGregor XIP),
Posit,
Triton

Suite of applications designed to help portfolio managers and traders coordinate


transactions involving stocks, bonds, futures and options. Posit flags opportunities
to cross stock trades, automates trade matching and reduces trading times. Triton
provides direct access to hundreds of brokers. New York vendor founded in 1987.

Linedata
linedata.com

Linedata Longview,
Linedata Global Hedge
Portfolio Manager,
Linedata Trader+

Longview software designed to manage trade execution for complex users, such
as investors with multiple prime brokers or complicated client mandates. Portfoliomanagement system, previously called Beauchamp, performs front- to back-office
tasks and supports multiple currencies, security types and investment strategies.
Trader+ is a hosted system that assists traders with pre-trade compliance checks,
order creation, execution management and other tasks. French firm, founded in
1998, has been adding hedge fund clients at fast clip.

Liquid Holdings
liquidholdings.com

LiquidTrade

Broker-neutral platform combines low-latency trading tools with ordermanagement capabilities to ensure trading complies with a managers investment
policy. Allows clients to store full audit trail of transactions and automates
application of restricted lists, pre-trade compliance rules and fair-allocation rules.
New York vendor, founded in 2012, cited by Aite Group as an up-and-comer among
front-office technology providers. In early 2015, introduced mobile app giving
managers remote access to full range of portfolio, risk and reporting functions.

Molecule Software
molecule.io

Molecule

Designed for smaller commodity-trading shops specializing in oil, gas and power
contracts. Handles thousands of exchange-traded and over-the-counter
instruments. Cloud-based system allows managers to plug in and begin trading the
same day. Houston vendor founded in 2012 by chief executive Sameer Soleja, who
previously developed energy-trading software for EnForm Consulting (now part of
SunGard), BearingPoint and Stryve Advisors.

Neovest
neovest.com

Neovest 7.0

Performs pre-, post- and in-trade analytics along with order- and executionmanagement functions. Supports high-frequency global operations with multiple
prime brokers. The Orem, Utah, vendor has been a unit of J.P. Morgan since 2005.

NinjaTrader
ninjatrader.com

NinjaTrader

Electronic-trading platform popular among solo managers and smaller firms.


Automates full range of pre-trade and execution functions, including data analysis,
strategy back-testing and trade management. Handles stocks, futures and
currencies. Ten-year-old vendor based in Denver.

Nirvana Solutions
nirvanasolutions.com

Nirvana Solutions

Cloud-based system handles order-management, portfolio-management,


accounting, risk-management, reporting, portfolio-analytics and data-management
functions. In addition to fund managers, clients include fund administrators and
other types of hedge fund service providers. New York vendor founded in 2006.

OpenLink
olf.com

Findur

Software performs virtually all front- to back-office functions for firms that trade
agricultural commodities, metals and over-the-counter derivatives. Installed and
hosted versions available. Uniondale, N.Y., vendor sold in 2011 to private equity
firm Hellman & Friedman by Carlyle Group.

Orc Group
orc-group.com

Orc Trader

Derivatives-trading system performs a range of functions including pre-trade


analysis, trade execution, risk management and compliance. Stockholm vendor
owned by private equity shop Nordic Capital.

Portware
portware.com

Portware Enterprise,
Alpha Vision

Allows investment firms to customize execution-management systems for


algorithmic trading of equities, futures, options and currencies. Alpha Vision
incorporates artificial intelligence to switch between algorithms based on real-time
market inputs. New York vendor founded in 2000. Clients include Invesco.

Quantica Trading
quanticatrading.com

Cloud Trader

Hosted system designed to streamline development of algorithmic strategies.


Allows managers to begin trading with lower upfront costs. Covers all asset
classes and links with brokers in major markets. Vendor founded in 2008 under
name Embium. Adopted Quantica name in 2014.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Trade Execution and Management

FRONT OFFICE: Trade Execution and Management


Vendor

Product

The Skinny

REDI Global Technologies


redi.com

REDIPlus Execution
Management System (EMS)

Software performs trading and portfolio-management functions for stocks, bonds


and derivatives. Vendor owned by a group made up of Bank of America, Barclays,
Citadel Securities, Goldman Sachs and private equity firm Lightyear Capital.
Previously was majority-owned by Goldman, which acquired its stake via $7 billion
acquisition of Spear, Leeds & Kellogg in 2000. Spear Leeds launched REDI in 1992.

SGGG Portfolio Systems


sgggpsc.com

FUNDpliance

Designed for small and mid-size hedge funds. Performs real-time functions
including trade-order management, profit attribution, risk analysis, reconciliation,
accounting and compliance. Toronto vendor is affiliated with fund administrator
SGGG Fund Services.

SimCorp
simcorp.com

SimCorp Dimension

SimCorps multi-asset system performs virtually all front- to back-office functions.


Includes modules for asset-management analysis, securities lending, compliance,
fund administration, accounting, management of real-time market data, order
management, financial reporting, risk analysis and post-trade processing. Clients
include American Century and Schroder Investment. In 2014, Copenhagen vendor
acquired 100% of U.K.-based Equipos, which develops reporting software.

Sky Road
skyroad.com

Motion Services Platform

Cloud-based program supports customized trading and portfolio-management


functions for managers of derivatives portfolios. Fully integrated with Bloomberg.
Offers access to broker-provided algorithms. Clients include Napier Park Global
Capital. Chicago vendor, founded in 2005, opened New York office in 2013.

SS&C Technologies
ssctech.com

Global Wealth Platform

In July 2015, acquired Advent for $2.6 billion in a deal that combined its more than
6,000 financial-services clients with Advents 4,300 customers, which include
hedge funds, administrators, prime brokers and wealth managers. Global Wealth
Platform is a fully integrated front- to back-office system designed for long-only
portfolios. Nearly half the clients use cloud-based version. Can be integrated with
SS&C Market Trader or other vendors execution-management platforms. Windsor,
Conn., vendor markets some 60 products and has built a top fund-administration
business via acquisitions including 2012 purchase of GlobeOp.

SunGard Data Systems


sungard.com

Front Arena,
Hedge360

Front Arena software allows traders and asset mangers to trade and manage
positions of listed securities. Hedge360, available in a hosted version, is a front- to
back-office system that includes Front Arena and exploits SunGards middle- and
back-office capabilities. Recent Hedge360 converts include global-macro manager
Altreaus Capital. SunGard, formed via spinoff from Sun Oil in 1983, is among the
largest software and technology companies. In 2005, a consortium led by Silver
Lake Partners bought the Wayne, Pa., vendor for $11.4 billion.

Tora Trading Services


tora.com

Tora Compass

Software suite performs trade-execution and order-management functions for


hedge funds, mutual funds and proprietary-trading desks operating on 24
exchanges across 14 Asian countries. Ten-year-old vendor based in Tokyo.

Trading Technologies
tradingtechnologies.com

X_Trader,
TT SIM,
X_Risk

Firms flagship product, X_Trader, allows users to execute high-speed derivatives


trades through any broker on exchanges worldwide. The TT SIM module allows
users to simulate trades and test strategies against live pricing. X_Risk monitors
risks associated with current positions of each trader and can quickly find and
cancel orders at a moments notice. Chicago vendor was founded in 1994, and in
2010 acquired TickIt Trading Systems, the developer of a visual programming
platform that allows traders to test trading algorithms without writing code. TickIt
was co-founded by Rick Lane, the current chief executive of Trading Technologies.

TradingScreen
tradingscreen.com

TradePrime

Provides real-time views of positions, profit-and-loss reports, exposures,


rebalancing functions, pre-trade allocations, compliance checks and risk analytics.
Available in installed and hosted versions. Tokyo vendor founded in 1999. In 2009,
acquired Lava execution-management system from Citigroup, which then
designated TradingScreen as its preferred execution-management system for
institutional buy-side clients.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Portfolio Management

FRONT OFFICE: Portfolio Management


Vendor

Product

The Skinny

ACA NorthPoint
acacompliancegroup.com

Portfolio Management and


Reporting System

Provides real-time views of positions to help determine risk exposures, valuations


and profits and losses for most asset classes. Accommodates custom data and
calculations. Credit and distressed-debt component handles loan-origination, dealtracking, loan-servicing, asset-administration, loan-accounting, pre-trade
compliance and other functions for bank debt, distressed debt, CDOs, CLOs and
loans. Seamlessly integrates with ACA NorthPoints order-management system.

Advent Software
advent.com

Advent Portfolio Exchange


(APX),
Geneva

APX is a front- to back-office system designed to assist managers trading various


types of securities. Capabilities range from deal prospecting to trade execution and
management, investor relations and communications with third-party service
providers. Can be fully integrated with Advents order-management system, Moxy.
Geneva is preferred tool for managers of advanced derivatives portfolios.

Athena Investment Systems


athenasystems.com

Aura OMS

Designed specifically for hedge funds that trade over-the-counter derivatives.


Software performs portfolio-management, trade- and order-management, riskanalytics, pre-trade compliance, price-alert and data-archive functions. Founding
partners Scott Sykowski, Stefano Guarnieri and Louis Otero previously worked at
MacGregor, a trading-technology developer acquired by ITG in 2005.

Axioma
axioma.com

Axioma Portfolio Optimizer

Portfolio-construction software uses internal, third-party or Axioma risk models to


support a range of investment strategies. The firms other portfolio-management
offerings are Axioma Portfolio Performance Attribution, Axioma Portfolio Backtester
and Axioma Portfolio Analytics. New York vendor founded in 1998.

Broadridge Financial
broadridge.com

Broadridge Portfolio Master

Combines order-management tools with comprehensive portfolio-management


system applicable to wide range of assets. Managers can purchase hosted hedge
fund in a box version for as little as $75,000. Software originally introduced in
2005 by Paladyne, which acquired it from multi-strategy fund shop Alexandra
Investment. Broadridge, based in Lake Success, N.Y., acquired Paladyne in 2011 to
gain a foothold in hedge funds. Sales of Portfolio Master have been strong of late.
A performance-reporting application was added in 2014.

CDO Software
cdosoftware.com

CDO Tools

Suite of software for managing portfolios of CDOs and CLOs. Offerings include: CDO
Director for managing deals; CDO Grid for speeding up the modeling and analysis
of deals; and CDO Investor for monitoring and valuing issues. Other products in the
suite are CDO Reporter, CDO Scheduler and CDO Tracker. In 2012, founders of the
London vendor sold the rights to their software to a team backed by Neil Carthy.

Citadel Technology
citadeltechnology.com

Trade & Position


Management System

Based on systems Citadel developed for its own hedge funds. Offers real-time data
on traded positions, profits and losses and foreign-exchange exposure, as well as
risk. Technology business, which Citadel launched in 2012, is headed by Stuart
Breslow, who previously led ConvergEx RealTick.

ClearStructure Financial
Technology
clearstructure.com

Sentry PM,
ClearStart

Sentry PM is a Web-based system designed to perform real-time functions


including pre-trade analytics, order management, risk management, performance
measurement, reconciliation and accounting for a wide range of assets. ClearStart
version, unveiled in 2014, is aimed at new and emerging hedge fund managers.
Danbury, Conn., vendor was founded in 1999 when Atlantic Asset Management
spun off its information-technology group.

Enfusion Systems
enfusionsystems.net

Enfusion Integrata

Designed with hedge funds in mind, system integrates trading with middle- and
back-office functions, including links to prime brokers and administrators.
Capabilities include order management, profit-and-loss calculations, collateral
management, risk monitoring, compliance and reporting. Chicago vendor got
started in 1997. Clients include Balestra Capital and Pentwater Capital.

Eze Software
ezesoft.com

Tradar PMS

Designed to complement Ezes market-leading order-management system. Sales


of Tradar PMS rose 40% in 2014 over previous year. In first quarter of 2015, Eze
upgraded the system to provide expanded asset-class coverage, with strong
support for derivatives and foreign exchange.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Portfolio Management

FRONT OFFICE: Portfolio Management


Vendor

Product

The Skinny

Fidessa
fidessa.com

Tesseract

Supports trading of numerous asset classes, including derivatives. Integrates a full


suite of analytical tools from multiple vendors, along with sophisticated settlement
and compliance functions. U.K. vendor, founded in 1981, is a public company.
Acquired trading-technology company LatentZero in 2007.

Imagine Software
derivatives.com

Imagine Trading System

Performs portfolio-management functions for equities, bonds, currencies and


many derivatives. Handles pre- and post-trade analytics, real-time pricing, trade
capture, real-time profit-and-loss reports, risk analytics, stress-testing, what-if
scenarios and valuation modeling. Available as installed software or hosted
system. Clients include Arrowgrass Capital, Larch Lane Advisors and SkyBridge
Capital. Twenty-year-old vendor, based in New York, has expanded asset-class
coverage to include mortgage-backed securities, commodities and exotic
derivatives.

Incapture Technologies
incapturetechnologies.com

Rapture

Hosted system handles a variety of investment functions, including trade


processing, performance analysis and risk management. Walnut Creek, Calif.,
vendor was founded in 2012 by Peter Knez, who previously was co-chief
investment officer at BlackRock.

Indus Valley Partners


indusvalleypartners.com

IVP Stratus

Cloud-based tool designed to analyze portfolios, track investment ideas and


securely consolidate data from counterparties. Pitched as cost-effective alternative
to installed systems. New York vendor, founded in 2000, works with hedge fund
firms ranging from $250 million to $45 billion under management.

ITG
itg.com

ITG Position Manager

Designed specifically for hedge funds, hosted system was introduced in 2014 to
perform trade-order and execution functions, clearing, portfolio management,
analytics, research and compliance for a wide range of assets worldwide. New
York vendor founded in 1987 with launch of its POSIT equity trade-crossing
system. Acquired trading-technology developer MacGregor in 2005.

Ledgex Systems
ledgex.com

Ledgex Portfolio Manager

Allows fund managers to monitor complex portfolios for exposure, performance


and allocation weights. Includes Ledgex Workbench for running what-if scenarios
tied to planned investor and fund activity. Boston firm is an affiliate of Eze
Software.

Lightkeeper
lightkeeper.com

Lightkeeper

Software provides users with dynamic views of portfolios based on data from
administrators, custodians, prime brokers and internal sources. Enables
performance, risk, exposure and attribution analysis. System can be accessed on
mobile devices. Boston vendor launched in 2008 after founders Danny Dias and
Larry Longo sold their Tamale research-management software to Advent. Prior to
that, the partners ran a hedge fund firm called 033 Asset Management.

Markit
markit.com

Markit WSO Administrator

Manages data for portfolios of bank loans, asset-backed securities and other types
of bonds, credit-default swaps, equities and other assets. Performs reporting,
compliance, performance-analysis and agent-syndication functions. London
vendor founded in 2003 as a credit-derivatives pricing service. In July 2015,
acquired Mosaic, a provider of software for post-trade securities processing.
Owned by a consortium including Bank of America, Goldman Sachs and J.P.
Morgan.

Misys
misys.com

Sophis Value

So-called straight-through-processing tool designed to handle most front- to backoffice functions. Performs real-time NAV and risk calculations for a variety of asset
classes. Recent enhancements include addition of robust investor-book-of-record
application. About half the clients for Sophis Value are hedge funds, among them
BTG Pactual Asset Management and Dexia Asset Management. London vendor,
founded in 1979, acquired Sophis in 2011. The following year, Misys was acquired
by private equity firm Vista Equity Partners.

Murex
www.murex.com

MX.3

Includes risk-management, compliance and collateral-management capabilities.


Designed for traders across a wide range of asset types. Available in both installed
and hosted formats. Paris vendor now focused on expanding the systems
collateral-management capabilities.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

10

ALERT

HEDGE FUND TECHNOLOGY

FRONT OFFICE: Portfolio Management

FRONT OFFICE: Portfolio Management


Vendor

Product

The Skinny

Novus
novus.com

Novus

Designed to help institutional investors analyze risk and performance based on


data from multiple sources. New York vendor founded in 2007 by investors and
computer scientists. In 2013, Bain Capital Ventures purchased an undisclosed
stake in firm.

Numerix
numerix.com

Numerix CrossAsset

Based on a library of cross-asset models, software performs a range of valuation


and risk-analysis functions for stocks, bonds, currencies, commodities and other
financial instruments. Additional functions are accessible with installation of the
Numerix CrossAsset Server. Also available is Numerix Bloomberg, an Excel add-on
that prices and manages derivatives and structured products based on Bloomberg
data. Another module, Numerix Portfolio, prices and hedges complex portfolios that
include structured products and derivatives. Vendor headquartered in New York.

Orchestrade Financial
Systems
orchestrade.com

Orchestrade

Performs a wide range of front- to back-office functions for portfolios of stocks,


bonds, options, futures, commodities, currencies and structured products. Modules
include a rank-management tool and a profit-loss blotter. San Mateo, Calif., vendor
founded in 2009.

Real Time Risk Systems


realtimerisksystems.com

Protozoa

Analyzes derivatives positions to show real-time changes in a portfolios risk. New


York vendor founded in 2004 by Robert Navin, who previously worked at fundmanagement firms DKR Oasis Capital and Highbridge Capital.

RiskVal Financial Solutions


riskval.com

RVFI Fixed Income Solution

In January 2015, teamed with Quantitative Brokers, a bond and futures brokerage
specializing in algorithmic trades, to develop a system that performs real-time,
relative-value analytics for fixed-income traders. RiskVals cloud-based system
facilitates multi-strategy, multi-currency bond trading. New York vendor founded in
2001 by Jordan Hu, whose resume includes work at Citigroup, Goldman Sachs and
Salomon Brothers.

SunGard Data Systems


sungard.com

Asset Arena 360

Marketed to boutique, long-only asset managers, often startups. Performs front- to


middle-office functions including trade recordkeeping, pre- and post-trade
compliance, portfolio rebalancing, real-time profit-loss analysis and risk analytics.
Available in installed and hosted versions.

Tethys Technology
tethystech.com

Execta

Tethys flagship product performs real-time portfolio-management, tradeexecution and risk-management functions, and gives users access to all major
algorithmic- and program-trading desks, sell-side traders and floor brokers.
Supports trading of stocks, equity derivatives, convertible bonds and currencies.
Available as an installed or hosted system. New York vendor founded in 2000.

thinkFolio
thinkfolio.com

thinkFolio

Performs portfolio-management, modeling, trade-order management, compliance


and cash-management functions for fixed-income securities, equities, real estate,
commodities, cash and currencies. London vendor founded in 2001.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

11

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Data Management

MIDDLE OFFICE: Data Management


Vendor

Product

The Skinny

ACA NorthPoint
acacompliancegroup.com

Global Securities Master,


Price Master,
Data Warehouse

Securities Master provides a repository for managing data on terms and pricing for
most types of securities. Price Master performs pricing calculations and supports
what-if analysis. Data Warehouse consolidates data from multiple systems and
service providers onto a central reporting platform. Vendor was called NorthPoint
Financial until it was acquired by ACA Compliance in November 2014.

Advent Software
advent.com

Tamale RMS

Captures, organizes and shares research that managers receive or create. San
Francisco-based Advent, a leading vendor of investment-management technology,
was acquired in July 2015 by SS&C Technologies for $2.6 billion.

AIM Software
aimsoftware.com

GAIN Reference Data

Stores, secures and validates data brought in through a firms various operations.
Creates a golden copy or single source of truth for data derived from all
internal and external sources. Austrian vendor founded in 1999.

Arcesium
arcesium.com

Arcesium

D.E. Shaw spinoff launched in first quarter of 2015, with Blackstone as a partner.
Offers highly automated suite of post-trade services based on technology D.E.
Shaw developed for its own hedge funds. Services include trade capture, data
warehousing and valuation functions across a range of asset classes. First two
clients are D.E. Shaw and Blackstone Alternative Asset Management, with a
broader marketing campaign set for late 2015. Has staff of more than 300.

Asset Control
asset-control.com

AC Plus

Designed to manage high volumes of data from multiple sources. Cleans and
integrates data to ensure consistency of internal and external analysis and
reporting. Netherlands company, founded in 1991, among the first datamanagement vendors to target financial-services industry. Owned by private equity
firm Marlin Equity Partners.

Axiom Software
Laboratories
axiomsl.com

Dynamic Data Warehouse,


IntegrationCenter

Data-warehouse software provides asset managers and other financial institutions


with data-integration and warehousing functions. IntegrationCenter handles such
functions as data transformation, storage, access and delivery, and can be
integrated with a variety of front-, middle- and back-office systems. New York
vendor founded in 1991.

Broadridge Financial
broadridge.com

Broadridge Analytics
Master,
Broadridge Security Master,
Broadridge Price Master

Analytics Master performs data-aggregation, reporting and reconciliation functions


with aim of centralizing firm-wide management of data from front, middle and
back offices. Security Master and Price Master help integrate internal and external
data feeds into a single database for the entire firm to access. Software originally
introduced in 2005 by Paladyne, which acquired it from multi-strategy fund shop
Alexandra Investment. Broadridge, based in Lake Success, N.Y., acquired Paladyne
in 2011 to gain a foothold with hedge funds.

Code:Red
coderedinc.com

Code:Red RMS,
IdeaNet

Code:Red RMS indexes research, models, events, contacts and emails related to
investment opportunities. IdeaNet allows portfolio managers to receive emails from
selected brokers, categorize the information by symbol and source, and tie
information to specific opportunities. Boston vendor launched 10 years ago.

DST Global Solutions


dstglobalsolutions.com

Anova

Software suite designed to handle a range of middle- and back-office tasks,


including data management, compliance, investment-book-of-record functions and
performance measurement. U.K. vendor founded in 1983.

Eagle Investment Systems


eagleinvsys.com

Eagle ACCESS

Cloud-based system performs middle- and back-office functions including


accounting, performance measurement, compliance reporting and data
management. BNY Mellon unit, founded in 1989, is based in Wellesley, Mass.

Exegy
exegy.com

Exegy Trading Application


Platform,
Exegy Ticker Plant,
Exegy Market Data System

Trading Application Platform allows high-speed processing of raw market data


feeds on the same servers that host trading applications. Ticker Plant offers even
faster connections. Market Data System connects to hundreds of data feeds for
markets that trade stocks, options, futures, derivatives, indexes and currencies. St.
Louis vendor founded in 2003 by four Washington University faculty members to
commercialize data-mining technology they developed.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

12

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Data Management

MIDDLE OFFICE: Data Management


Vendor

Product

The Skinny

GoldenSource
thegoldensource.com

360 EDM

Product suite integrates and standardizes data from internal and external sources
to present holistic view of business. New York vendor founded in 1990.

Indata
indataweb.com

iPM Epic

Manages giant data sets in any format from internal and external sources.
Captures, optimizes, stores, searches, shares, analyzes and offers visualization of
the data for front-, middle- and back-office purposes. Greenwich, Conn., vendor
has buy-side clients with assets ranging from $1 billion to $100 billion.

Indus Valley Partners


indusvalleypartners.com

IVP Recon,
IVP Polaris,
IVP Security Master

Vendors trade-reconciliation software, Recon, streamlines data-capture and


reporting functions with a high degree of customization. Clients include Pershing
Square Capital. Polaris is a data warehouse that connects to administrators, prime
brokers and other counterparties. Security Master stores internal and external data
on portfolios containing a variety of assets. Clients of Polaris and Security Master
include MSD Capital. New York vendor, founded in 2000, specializes in middleoffice technology. Other products include a regulatory-reporting tool called IVP
Raptor and IVP Karma, which automates, tracks and reports workflows from
portfolio management/risk management to compliance/operations.

Isis Financial Systems


isisfs.com

Investment Data
Management

Performs middle- and back-office functions including accounting, real-time data


management, performance measurement, analytics and reporting. System handles
virtually any financial product. Waltham, Mass., vendor founded in 2001.

Mackey
mackeyrms.com

MackeyRMS

Web-based system captures and organizes research from a variety of applications


and devices to make it available firm-wide in a format that is sortable by ticker
symbol, topic, timeline, contact, keywords and more. Boston firm co-founded in
2011 by former hedge fund analyst Chris Mackey.

MIK Fund Solutions


mikfs.com

Data Warehouse

Stores performance, risk, transactional and regulatory data about investments on a


real-time basis. Integrates that information with users accounting and portfoliomanagement systems. Reference-data-management tool added in March 2015.
Vendor, founded in 2006 by software developer Fadi Kaddoura, focuses exclusively
on alternative-investment industry. Recently opened offices in Boston and
Shanghai.

OneMarketData
onetick.com

OneTick

Vendors flagship product stores, retrieves and analyzes real-time and historic tick
data for any type of asset. Hoboken, N.J., firm founded in 2005.

QED Financial Systems


qedfs.com

QED Investment
Management System

Performs data-management, portfolio-accounting, reporting and analytics


functions for investment managers. Also offers its Business Intelligence product
based on the firms SmartData technology, which combines data-management and
more advanced analytical capabilities. Marlton, N.J., vendor founded in 1987.

Wells Fargo
wellsfargo.com

RealSTP

Real-time operations management dashboard for alternative-investment funds.


Covers asset classes including equity, fixed income, derivatives, bank debt and
currencies. Provides updates on trade, confirmation and settlement status;
projected cash settlements by currency and counterparty; and OTC/repo collateral
details and status. Vendor is Wells Fargos fund-administration unit.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

13

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Risk Management

MIDDLE OFFICE: Risk Management


Vendor

Product

The Skinny

Alpha Theory
alphatheory.com

Alpha Theory

Determines idea quality, asset quality and position size required to meet users
risk-adjusted return requirements. Charlotte vendor founded in 2005 by former
Credit Suisse and Lehman Brothers equity research analyst Cameron Hight.

ATA RiskStation
atariskstation.com

ATA RiskStation

Web-based service provides daily reviews of risk exposures across portfolios.


Available on a monthly subscription basis. Service is powered by Portfolio
Sciences RiskAPI system. Dallas vendor founded in 2006.

Axiom Software
Laboratories
axiomsl.com

RiskMonitor

Software allows users to employ advanced methodologies in calculating market,


credit and liquidity risk. Covers most asset classes.

Axioma
axioma.com

Axioma Risk

Customizable software performs risk-modeling and reporting functions for a


variety of asset classes including stocks, bonds, currencies, commodities and
derivatives of those instruments. New York vendor founded in 1998.

Broadridge Financial
broadridge.com

Risk Master

Designed to manage, monitor and report on a portfolios risk exposures for most
credit-related asset classes. Delivered with Numerix Cross Asset Library system.
Vendor gained foothold in hedge funds via 2011 acquisition of Paladyne.
Rebranded Paladyne products under Broadridge name in 2014.

ConceptOne
conceptonellc.com

Real Time Portfolio & Risk


Management System

Provides real-time risk analytics and reporting, including liquidity exposures and
on-the-fly stress-testing. New York vendor formed via 2011 merger of Risk
Resources and Concept Capital Fund Services. Chairman Ken Grant has held top
risk-management positions at SAC Capital and Tudor Investment.

Delta Hedge Systems


deltahedgesystems.com

OmniHedge Portfolio & Risk


Management System

Integrates data from internal and external sources on a real-time basis to report on
exposures, profits and losses, liquidity, stress tests and more. Jersey City, N.J.,
vendor founded in 1999 by Gary Auerbach, who previously oversaw hedge fund
practice at MicroModeling Associates, now part of Dell Professional Services.

Financial Tracking
Technologies
financial-tracking.com

Excessive Fiduciary Risk


Alerts,
Performance and Holdings
Dispersions,
Counterparty Risk,
Portfolio Pumping

Fiduciary Risk product monitors risks at the firm, portfolio and position levels to
ensure prudent risk management and adherence to investment policy. Dispersions
tool tracks swings in the value of a portfolio. Counterparty Risk monitors
managers exposures to counterparties. Portfolio Pumping product tracks trading
volume in a particular issuer as a percentage of total daily trade volume. Riverside,
Conn., vendor founded in 1999.

IBM
ibm.com

Algo Risk

An application with a web-based option that combines what-if analyses and besthedge recommendations with firm-wide risk-management capabilities.

Investor Analytics
investoranalytics.com

Investor Analytics

System accesses client data by connecting to service providers and produces


customized risk reports for internal, investor and regulatory purposes. New York
vendor founded in 1999.

Liquid Holdings
liquidholdings.com

LiquidMetrics

Cloud-based system performs real-time analysis by continuously monitoring


market and liquidity risk as well as profits and losses across multiple strategies
and fund structures. Includes repository of client reports to address investor
transparency requirements. New York vendor, founded in 2012, cited by Aite Group
as an up-and-comer in the hedge fund technology field.

Login
www.login-sa.com

Login-Acumen

Software performs real-time market-risk, credit-risk, liquidity-risk and settlementrisk management tasks for most asset classes. French vendor, founded in 1988,
works in partnership with Oracle Financial Services Software.

Misys
misys.com

iSophis

Web-based service allows buy-side firms to upload daily transactions, download


portfolio and risk-management reports and produce customized reports. London
vendor, founded in 1979, acquired Sophis in 2011. The following year, Misys was
acquired by private equity firm Vista Equity Partners.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

14

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Risk Management

MIDDLE OFFICE: Risk Management


Vendor

Product

The Skinny

MSCI
msci.com

RiskMetrics RiskManager,
BarraOne

Both systems identify, measure and manage risk associated with wide range of
financial instruments by applying value-at-risk methodologies and stress testing.
They perform what-if analyses and other functions to help rebalance or hedge a
portfolio. Publicly traded vendor, best known for its international stock indexes,
entered risk-management arena via 2010 acquisition of RiskMetrics, whose model
originally was developed by J.P. Morgan.

Murex
www.murex.com

MX Risk Manager

System for managing credit risk, market risk and liquidity risk. Paris vendor,
founded in 1986, caters mainly to banks and broker-dealers, but also markets
portfolio-management technology to buy-side firms including hedge funds.

NewOak Capital
newoak.com

OpenRisk

Assesses cash-flow risks of mortgage bonds and other structured products. Part of
a suite that includes a market-data interface and a tool that monitors servicers.
New York firm founded in 2008 by Ron DVari, formerly head of structured finance
at BlackRock. NewOak also has advisory and asset-management units.

Novus
novus.com

Novus Risk Equalizer

Performs factor and scenario analysis, stress tests and complex value-at-risk
calculations. Vendor offers separate tool for performance attribution. Founded in
2007, firm counts nearly 100 clients globally with a combined $2 trillion of assets.

Ortess
ortess.com

Xcellerate Algo

Designed to help manage risk and decision-making for asset managers that
specialize in algorithmic trading of foreign-exchange instruments. Ortess also
offers Xcellerate Deal Runner, which handles risk management and trade capture
for mortgage bonds. New York vendor founded in 2007.

Patsystems
patsystems.com

System and Risk


Administration

Designed to perform pre-trade and risk-management tasks for exchange-traded


derivatives. Patsystems also offers two different trading applications: Pro-Mark
and J-Trader. London vendor founded in 1994.

Portfolio Science
portfolioscience.com

RiskAPI

Can be used remotely to perform such functions as value-at-risk analysis and


stress testing for equities, equity options, futures, futures options, currencies and
fixed-income securities. New York firm founded in 2000.

S&P Capital IQ
capitaliq.com

Portfolio Solution

Analytics software performs real-time calculations for portfolios containing


multiple asset types. Vendor founded in 2010 when parent McGraw-Hill folded its
Capital IQ subsidiary into its S&P unit.

SAS
sas.com

High-Performance Risk

Capable of analyzing credit, market, liquidity and regulatory risk on near-real-time


basis. Designed to perform complex calculations quickly and store large volume of
results. Vendor, based in Cary, N.C., is among largest developers of business
software. Clients include Larch Lane.

Sky Road
skyroad.com

Motion Services Platform

Software and hardware offering allows users to monitor electronic derivatives


markets, access market data, perform risk analysis and publish risk reports for
investors. Clients include Napier Park Global Capital. Downers Grove, Ill., vendor
formed in 2005 when Ritchie Capital spun off its information-technology unit. Led
by former Ritchie executive John Borse.

StatPro
statpro.com

StatPro Revolution

Web-based system analyzes performance and risk for hedge fund operators and
other managers of portfolios containing stocks and bonds. Reports can be shared
with investors over the web. Publicly traded London vendor was founded in 1994.
Clients include J2 Capital and Viniculum Fund Management.

SunGard
sungard.com

APT

System for risk analysis and reporting, covering position- and portfolio-level
information for multiple asset types. Vendor, based in Wayne, Pa., among largest
financial software and technology companies.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

15

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Risk Management

MIDDLE OFFICE: Risk Management


Vendor

Product

The Skinny

TFG Financial Systems


tfgsystems.com

TFG Complete

Conducts value-at-risk analysis and stress testing across a variety of asset


classes. In October 2014, London firm acquired Charlotte-based Risk Technology
Solutions, a vendor of risk-management technology geared toward commodities,
foreign-exchange and interest-rate products.

Traiana
traiana.com

CreditLink

Connects prime brokers, execution brokers and buy-side firms to provide a central
repository for real-time monitoring of over-the-counter foreign exchange and
exchange-traded derivatives. New York-based vendor is a unit of inter-dealer
broker ICAP, which in 2013 sold a minority stake to seven bulge-bracket
brokerages that are heavy users of Traianas services.

MIDDLE OFFICE: Cash and Collateral Management

MIDDLE OFFICE: Cash and Collateral Management


Vendor

Product

The Skinny

Enso Financial
efmactive.com

Enso

Specializes in processing and analyzing data to facilitate collateral management,


portfolio financing and management of counterparty risk. New York firm services
more than $250 billion of assets managed by hedge funds globally. Founded by
former prime-brokerage professionals Dwaine Alleyne, Matthew Bernard and
Michael Gentile. In 2013, inter-dealer broker ICAP took minority stake in business.

HazelTree Treasury
Management
hazeltree.com

Treasury Management
Solution

Hosted technology supports cash-balance analysis, long/short financing, margin


reporting, management of over-the-counter collateral, counterparty risk reporting,
reconciliation for cash-management purposes, expense processing and wire
authorization and approval. New York vendor formed in 2009 when Trafelet Capital
spun off its back-office operations. Clients include UBS Fund Services.

Indus Valley Partners


indusvalleypartners.com

IVP Treasury

Helps managers monitor margin lending, stock lending, collateral and cash
positions. Includes PB uplift function that quantifies potential benefits of
switching prime brokers.

Ledgex Systems
ledgex.com

Ledgex Liquidity

Performs advanced liquidity-modeling and reporting functions. Boston-based


vendor, founded in 2008, markets a variety of portfolio-management and
accounting software to funds of funds, other alternative-investment operations and
institutional investors.

Lombard Risk
lombardrisk.com

Colline

Software handles collateral management and clearing functions for the exchangetraded-funds, repo and securities-lending arenas. London vendor offers other
products that perform compliance and risk-management tasks.

Murex
www.murex.com

MX Collateral Manager

Performs treasury, collateral-management and margin-trading functions for


stocks, bonds, derivatives, repos, securities lending, exchange-traded funds and
options. Sold alone or as part of a portfolio-management system. Paris vendor is
among leading suppliers of front- and middle-office technology to banks, brokerdealers and buy-side managers.

Omgeo
omgeo.com

Omgeo ProtoColl

System for collateral management of transactions involving over-the-counter


derivatives, repos, securities lending and foreign exchange. Features margin-call
management functions. Boston vendor, a unit of Depository Trust & Clearing, is
leader among firms specializing in post-trade activities.

S3 Partners
s3blacklight.net

S3 Blacklight

Helps analyze and manage prime-brokerage, custody and swap-counterparty


relationships. Software developed by S3 Partners, which specializes in advising
fund managers on financing, collateral management and counterparty risk. New
York firm, founded in 2003, led by Bob Sloan, previously global head of prime
services at Credit Suisse.

SunGard
sungard.com

Apex Collateral

SunGard launched product in 2012 to help banks, broker-dealers and asset


managers optimize use of collateral assets. Features include a consolidated view
of those assets across products, asset classes and geographies, and algorithms
designed to minimize the cost of collateral and maximize returns.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

16

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Securities Pricing and NAV Calculation

MIDDLE OFFICE: Securities Pricing and NAV Calculation


Vendor

Product

The Skinny

AIM Software
aimsoftware.com

GAIN Portfolio Pricing

Monitors and validates pricing information and rates, reporting suspicious


information before it can pose risks or lead to operational problems. Austrian
vendor founded in 1999.

Financial Tracking
Technologies
financial-tracking.com

Price/Valuation of Holdings,
Valuation Testing

Price/Valuation tool alerts users when a security has a stale price or becomes
illiquid. Valuation Testing monitors the sale price of a security vs. prior-day level,
and sends alert if the difference is outside client-determined boundaries.

FinancialCAD
fincad.com

FINCAD Analytics Suite,


F3

Analytics Suite provides access to a financial-analytics library, giving users the


ability to value and price derivatives and fixed-income securities, measure
counterparty risk, perform stress tests, calculate value at risk and mark positions
and entire portfolios to market. F3 allows users to value structures and payoffs of
derivatives. Canadian vendor founded in 1990.

ION Trading
iontrading.com

ION Pricing Engine

Provides pricing coverage for bonds, futures, options and mortgages. Furnishes
users with basis-spread, yield-spread, asset-swap, option-adjusted-spread,
interpolated-yield-spread and discount-margin pricing models. London vendor,
founded in 1998, acquired Financial Software Systems of Horsham, Pa., in 2013.

Linedata
linedata.com

Navquest

Performs real-time NAV calculations for portfolios of complex financial


instruments. Developed in partnership with several large hedge fund operators.
French vendor, founded in 1998, also offers suite of front-office technology.

Milestone Group
milestonegroup.com.au

pControl NAV Oversight

Designed to verify portfolio valuations performed by third-party administrators.


Draws on multiple methodologies to compute NAVs. Vendor, founded in 1998,
targets private-fund operators.

SunGard
sungard.com

FX TCA

Software-as-a-service tool designed to help currency traders calculate and analyze


their transaction costs. Among the newer products in SunGards catalogue, FX TCA
was introduced in December 2014.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

17

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Investor Relations

MIDDLE OFFICE: Investor Relations


Vendor

Product

The Skinny

Backstop Solutions
backstopsolutions.com

Backstop Solutions

Software suite designed to manage investor relations, research, accounting and


investor reporting. Offerings include Backstop CMS (formerly PerTrac CMS), a webbased customer-relationship management tool for asset managers. Chicago
vendor, founded in 2003, acquired PerTrac technology in 2013 and Cogency
Software in May 2015.

Harvest
hvst.com

Harvest Exchange,
Harvest Private

Harvest Exchange is a free online network where investors and professional money
managers can exchange research and ideas. It has picked up 85,000 users since
launching in December 2013. Harvest Private is an investor-relations tool marketed to
hedge funds and other asset managers. It offers a secure Web-based platform
through which managers can communicate with existing and prospective investors.
Harvest Private counts about 50 fee-paying clients, including a number of large fund
operators. The Houston vendor, founded in 2012, is backed by hedge funds including
Arrowgrass Capital, GoldenTree Asset Management and Third Point.

Imagineer Technology Group


itgny.com

Clienteer Investor Relations


CRM,
WebVision Online Investor
Reporting

Clienteer is highly configurable software developed specifically for hedge funds


and other asset managers to automate key capital-raising, investor-relations,
reporting and document-management functions. WebVision allows managers to
communicate with clients via a secure web portal. New York vendor founded in
1998.

Ledgex Systems
ledgex.com

Ledgex CRM

Rolled out stand-alone application in March 2015. Web-based tool automates work
associated with investor relations, sales, marketing and client-service teams at
funds of funds, family offices, hedge funds and other asset managers.

ProTrak International
protrak.com

ProTrak Advantage CRM

Software enables users to view all aspects of investor accounts, keep track of
fund-raising prospects and produce reports on client activity. New York vendor
founded in 1986.

SimCorp
simcorp.com

Coric Client
Communications

Software assists asset managers with client communications and reporting. Coric
Web Reporter allows clients to access reports online. Copenhagen company
founded in 1971. In 2014, SimCorp acquired Equipos, a Boston firm that developed
the Coric products.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

18

ALERT

HEDGE FUND TECHNOLOGY

MIDDLE OFFICE: Trade Reconciliation and Processing

MIDDLE OFFICE: Trade Reconciliation and Processing


Vendor

Product

The Skinny

Electra Information Systems


electrainfo.com

ACTioN,
StaARS,
RecCollect

ACTioN gathers information from portfolio systems, reformats it based on industry


standards, then sends it to brokers, custodians and others. StaARS reconciles
trade positions as often as daily for a range of security types. It also links
transactions and positions. RecCollect automates post-trade processing by
collecting data on securities, cash positions and transactions from custodians and
brokers and putting it in a standard format. New York vendor founded in 1998.

Fiserv
fiserv.com

TradeFlow

Manages post-trade process, monitoring and measuring the flow of securities and
cash transactions for entire firm. Thirty-year-old financial-technology giant, based
in Brookfield, Wis., was formed via merger of First Data Processing and Sunshine
State Systems.

ION Trading
iontrading.com

ION.NET

Allows traders of cash, futures, swaps and repo products to operate in multiple
dealer-to-dealer and dealer-to-customer markets. System includes the following
tools: Auto-Hedger, which automatically submits hedges to a specified market on
receipt of a trade confirmation; Quote Editor, which can be used to switch quotes
on or off, edit quotes and apply skew factors to quotes; Virtual Market, which
allows users to view the aggregated order books of securities traded on any
market that is integrated with IONs MarketView network. London vendors tradefinancing tool, Anvil, helps automate repo and other financing functions.

Omgeo
omgeo.com

Omgeo Central Trade


Manager,
Omgeo Alert,
Omgeo OASYS

Trade Manager automates post-trade process by matching trades of stocks, bonds


and exchange-traded derivatives. Omgeo Alert is a web-based system that enables
investment managers, brokers and custodians to share accurate account
information and standing settlement instructions. OASYS communicates U.S. tradeallocation details between investment managers and brokers.

SS&C Technologies
ssctech.com

Debt & Derivatives

Handles processing and general-ledger accounting for trades of debt products and
derivatives including interest-rate swaps, swaptions, credit-default swaps, totalreturn swaps, foreign-exchange options, equity swaps and equity-index options.
Publicly traded vendor, based in Windsor, Conn., acquired Advent Software in July
2015 for $2.6 billion.

Traiana
traiana.com

ClientLink

Offers connections to brokers and exchanges to automate post-trade allocations


and confirmations for stocks, derivatives and foreign exchange.

Watson Wheatley Financial


Systems
www.watsonwheatley.com

i-Recs

Software and client-server database match positions and balance trades and
cashflows for a wide range of financial instruments. Also handles margin-account
reconciliation for listed and over-the-counter derivatives. Reconciles profit-loss
statements with those of external service providers. U.K. vendor founded in 2007.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

19

ALERT

HEDGE FUND TECHNOLOGY

BACK OFFICE: Accounting

BACK OFFICE: Accounting


Vendor

Product

The Skinny

Advent Software
advent.com

Geneva World Investor

Designed specifically for investor partnerships that need to allocate profits, losses
expenses and tax obligations among multiple investors. Can be configured for a
range of fund structures, including onshore and offshore vehicles and private
equity funds. In July 2015, Advent was acquired by SS&C Technologies in a $2.6
billion deal that created a financial-technology powerhouse serving more than
10,000 clients.

Cogency Software
cogencysoft.com

Investor and Fund


Accounting

General ledger system designed for multi-manager funds. Performs variety of


accounting and reporting functions involving complex fund and fee structures,
including onshore/offshore arrangements. Created as Manage.com in 1997 and
recast as Cogency in 2002. Vendor acquired by Chicago-based Backstop Solutions
in May 2015.

DST Global Solutions


dstglobalsolutions.com

HiPortfolio

Handles a range of investment-accounting and asset-servicing functions for users


that trade equities, fixed-income securities, money-market instruments,
currencies, futures, options, over-the-counter derivatives and index-linked
securities. U.K. vendor founded in 1983.

Fiserv
fiserv.com

Global Investment Manager

Performs portfolio-accounting and performance-measurement functions for trades


involving equities, ETFs, fixed-income products, currencies, illiquid assets and
synthetic holdings. Vendor formed in early 1980s via merger of First Data
Processing of Milwaukee and Sunshine State Systems of Tampa.

Ingenious Initiatives
pennyitworks.com

Penny-IT Works

Designed specifically for hedge fund managers and fund administrators. System
combines full range of fund, investor and partnership accounting functions. Can
handle complex master-feeder structures and complicated fee arrangements.
Recently upgraded to cover compliance reporting. Average subscription fee for
hedge funds: about $1,000 a month. Mount Kisco, N.Y., vendor founded in 2004 by
Ron Kashden, who once headed software development at SAC Capital.

Linedata
linedata.com

Linedata Chorus,
Linedata Icon,
Linedata Mfact

Chorus is a hosted accounting system primarily for long-only portfolios. Icon is a


fund-accounting and administration system that adheres to generally accepted
accounting principles within multiple jurisdictions. Mfact provides a range of
portfolio-accounting capabilities. Suited for funds with complex structures that
invest across multiple asset classes. French vendor founded in 1998.

Liquid Holdings
liquidholdings.com

LiquidView

Cloud-based shadow accounting system allows managers to reconcile cash and


trade positions with prime brokers and administrators. Also generates profit-loss
and NAV reports. Publicly traded company based in New York specializes in
developing web-based technology for hedge funds.

MultiFonds
www.multifonds.com

MultiFonds

Based on Oracle technology, software performs accounting functions for a wide


variety of fund structures and handles real-time recordkeeping and cashflow
forecasting. Product is used by clients in 30 regulatory jurisdictions. Luxembourg
vendor, founded in 1995, is unit of IGEFI Group.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

20

ALERT

HEDGE FUND TECHNOLOGY

BACK OFFICE: Accounting

BACK OFFICE: Accounting


Vendor

Product

The Skinny

PortfolioShop
portfolioshop.com

ReconAdvantage

Performs reconciliation, reporting, cost-basis tracking and other accounting


functions, in addition to performance analysis and risk management. Syosset, N.Y.,
company was previously known as Ajay Financial.

Princeton Financial Systems


pfs.com

PAM for Investments

Software performs accounting functions for equities, fixed-income securities,


derivatives, structured products, options, futures and other assets. Includes a
regulatory-reporting feature. Vendor is a unit of State Street.

SS&C Technologies
ssctech.com

AdvisorWare,
AdvisorWare Enterprise,
Total Return

AdvisorWare designed for hedge funds, funds of funds and private equity funds.
Enterprise version allows an entire firm to share securities, pricing, currency and
risk-management data. Total Return performs portfolio-management, investmentaccounting, partnership-accounting and general-ledger functions for family offices,
hedge funds, funds of funds and private equity funds. Publicly traded vendor,
which bought Advent for $2.6 billion in July 2015, also has built top-tier fundadministration business via acquisitions including 2012 purchase of GlobeOp.

SunGard
sungard.com

VPM,
Investran

VPM stores data including cost basis and other tax-relevant details for stocks,
bonds, futures, bank debt, repos and swaps. Investran designed more for funds of
funds and family offices than single-manager hedge funds. Analyzes investments,
facilitates due diligence and automates reporting by serving as book of record.
Wayne, Pa., vendor, formed via spin-off from Sun Oil in 1983, is among largest
software and technology companies. Acquired by Silver Lake Partners-led
consortium in 2005 for $11.4 billion.

TPG Software
tpgsoftware.com

TPG Trader

Accounting software coordinates with the fixed-income trading, risk-management


and operations activities of financial institutions. TPG Software also offers Portfolio
Genius System, Derivative Genius System and Safekeeping Genius System, all on a
subscription basis. Houston vendor founded in 1991.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

21

ALERT

HEDGE FUND TECHNOLOGY

BACK OFFICE: Compliance and Reporting

BACK OFFICE: Compliance and Reporting


Vendor

Product

The Skinny

ACA Compliance Group


acacompliancegroup.com

ACA Personal Trading


Compliance (ACA-PTC)

Helps ensure compliance with codes of ethics and meet requests of SEC
examiners. Functions include pre-clearing of trades, flagging conflicts of interest
and certifying transactions. Vendor, founded in 2002, caters to asset managers in
the U.S., Brazil, Europe, and Asia. Acquired NorthPoint Financial in November 2014,
adding suite of investment-management technology products.

ACA NorthPoint
acacompliancegroup.com

ACA NorthPoint RIR

Developed by NorthPoint Financial before it was acquired by ACA in November


2014, RIR assists with reports to regulators and investors. It is now offered in
combination with ACAs compliance-consulting service. Enables automated filings
of Forms PF, 13F, 13D/G, CPO-PQR and AIFMDs Annex IV, among others.

Advise Technologies
advisetechnologies.com

Vault DMS,
Consensus RMS

Vault DMS handles a variety of fund-management compliance tasks, such as


managing a calendar of contract expirations and renewals; organizing reporting
requirements; and compiling documents for regulatory exams. Consensus RMS
helps prepare various regulatory filings, including Form PF. New York vendor
founded in 2010 by former Trafelet Capital chief operating officer Doug Schwenk.

Axiom Software
Laboratories
axiomsl.com

ControllerView

Designed to meet reporting requirements for regulatory agencies worldwide. Also


helps in preparation of management reports and allows for electronic filing.
Operates on various systems including Linux, Unix and Windows. New York vendor
founded in 1991.

Bloomberg
bloomberg.com

Bloomberg Compliance
Center

Single dashboard supports administration, monitoring, search and retention


capabilities. In December 2013, Bloomberg said it would consolidate its
communications-related compliance tools into this product. Bloomberg users can
find information by typing CMPC <GO>.

Catelas
catelas.com

eComms Surveillance Suite

Uses patented algorithms to monitor employee communications and trading


activity for compliance breaches, including insider trading and market
manipulation. Woburn, Mass., company founded in 2007.

Charles River Systems


crd.com

Charles River Compliance

Automates compliance rule-building, testing and maintenance, as well as


customized reports and audit histories. Burlington, Mass., vendor markets variety
of investment-management technology, with 350-plus clients in 43 countries.

Citicom Solutions
citicomsolutions.com

Citicom Assure

Designed to keep managers in compliance with Dodd-Frank record-keeping


requirements. Allows users to monitor phone calls, emails and instant messages
that employees send and receive from their mobile devices and computers. Can
help reconstruct employees activities in response to regulators inquiries. Product
aimed at a variety of financial-services firms, including hedge fund managers on
the lookout for insider trading. London vendor founded in 2013.

Compliance Science
complysci.com

Personal Trading Control


Center,
C-TRAC,
CSI DocVault

Personal Trading product is a web-based application that allows compliance


officers to monitor personal-trading activities of employees to ensure theyre
adhering to ethics codes. C-TRAC captures all of a firms obligations that come
with each client and counterparty agreement, and helps assure that those
obligations are met. DocVault helps hedge funds, other investment advisors and
brokers respond efficiently to regulatory exams. Can search text in a variety of
formats, including PDFs and TIFs. In January 2014, New York vendor sold minority
stake to venture capital firm Edison Ventures for $8.2 million.

ConceptOne
conceptonellc.com

RegERM

Regulatory-reporting program automates filing of Form PF, Form 13-F, CPO-PQR,


AIFMD reports and other disclosure forms. Aggregates data from prime brokers
and other trading partners. New York vendor founded in 2011.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

22

ALERT

HEDGE FUND TECHNOLOGY

BACK OFFICE: Compliance and Reporting

BACK OFFICE: Compliance and Reporting


Vendor

Product

The Skinny

Confluence
confluence.com

Unity NXT Form PF


Reporting

Culls data from trading systems to automatically complete Form PF. Pittsburgh
vendor, founded in 1993, is a pioneer in fund-administration technology. It offers
similar products to handle CPO-PQR and AIFMD reporting requirements.

Cordium
cordium.com

Compliance Elf,
ComplianceTrak

Compliance Elf allows financial institutions to build intranet system that monitors
employees personal trading, gift giving and political contributions.
ComplianceTrak helps fund managers and brokers meet regulatory requirements
of the CFTC, Finra, SEC and U.K.s Financial Conduct Authority using a calendar
that automatically emails reminders of upcoming compliance deadlines. New York
vendor formed in 2013 via merger of EvenWheel Solutions and an entity combining
IMS Group and HedgeOp.

Crowdentials
crowdentials.com

Crowdfunding Compliance

Designed to ensure that funds marketed under Title 2 and Title 3 of the JOBS Act
accept capital only from accredited investors. Cleveland vendor launched in 2013
with backing from business incubator FlashStart.

DataArt
dataart.com

Form PF Application

Automates filing of Form PF. Offered free-of-charge by the New York vendor, which
develops software for various industries. Offers similar application to help
managers meet new European Union reporting requirements. DataArt partnered
with OpsCheck in March 2015 to launch a Web-based task-management tool.

Decryptex Financial
Laboratories
decryptex.com

Decryptex

Uses binary-large-object (BLOB) technology to process large amounts of internal


and external data for signs of illegal or unethical behavior by a firms employees.
New York vendor led by management team whose members have spent time at
Moore Capital, Morgan Stanley and Nomura.

Digital Reasoning
digitalreasoning.com

Synthesys

Software employs advanced machine-learning algorithms to monitor a managers


communications for signs of illegal trading, money laundering, fraud and other
compliance breaches. System is designed to accelerate initial detection and
reduce the costs of subsequent investigations. Nashville vendor founded in 2000.

Electra Information Systems


electrainfo.com

EFM Suite

Reporting applications help fund operators and other asset managers deliver
results to prime brokers. Suite includes web-based FailSafe system that displays
pending trades, trades at risk of failing and failed trades. New York firm founded in
1998.

Eze Software
ezesoft.com

Eze Compliance

Free-standing version of compliance application that comes bundled with Ezes


market-leading order-management system. Boston-based vendor, formerly known
as Eze Castle, acquired by private equity giant TPG in 2013 from Convergex.

Fidessa
fidessa.com

Sentinel

Performs pre- and post-trade compliance management using a real-time engine


that keeps current with new and pending regulations. Clients include AQR Capital.
U.K. vendor, founded in 1981, also markets order-management and portfoliomanagement systems.

Financial Tracking
Technologies
financial-tracking.com

Compliance Control Room

Software suite performs more than 20 compliance functions, from flagging suspect
trades and guarding against client favoritism to tracking personal trading and
campaign donations by employees. Vendor, based in Riverside, Conn., founded in
1999. In 2013, U.S. Patent and Trademark Office awarded software patents to
founder Anthony Turner.

Global Relay
globalrelay.com

Global Relay Archive &


Compliance Reviewer,
Global Relay Messenger

Web-based system archives electronic messages and enables management to


monitor email on a company-wide basis. Instant-messaging system designed to
comply with SEC and NASD requirements. Vancouver vendor founded in 1999.

Gordian Compliance
Solutions
gordiancompliance.com

Gordian Portal

Designed to help investment firms and brokers meet SEC and Finra regulatory
requirements. Handles such functions as recordkeeping, monitoring of employee
activities and listing compliance tasks. Vendor based in San Francisco.

Indus Valley Partners


indusvalleypartners.com

IVP Raptor

Allows funds to automatically file Form PF and many other disclosures required by
regulators in the U.S. and Europe. Product has 30-plus clients, including Michael
Dells MSD Capital. New York firm, founded in 2000, specializes in technology for
hedge fund operations.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

23

ALERT

HEDGE FUND TECHNOLOGY

BACK OFFICE: Compliance and Reporting

BACK OFFICE: Compliance and Reporting


Vendor

Product

The Skinny

ION Trading
iontrading.com

Rolfe & Nolan product suite

Performs reporting functions and other back-office tasks for exchange-traded


derivatives. Technology was developed by Rolfe & Nolan, which was acquired by
ION in 2008. London vendor founded in 1998.

ITG
itg.com

ITG Compliance

Manages portfolio-compliance activity worldwide for all security types. Conducts


pre-trade and real-time post-trade checks and determines compliance status at
the end of the trading day. New York company founded in 1987.

Linedata
linedata.com

Disclosure Manager

In October 2014, French vendor rolled out automated compliance system that
monitors and detects disclosures related to the holdings of fund managers. The
service is based on legal information from Derivative Services, an affiliate of law
firm Allen & Overy.

Misys
misys.com

Misys Regulatory Reporting


Service

Software-as-a-service offering automates reporting of derivative transactions as


required by financial-crisis reforms implemented in the U.S. and Europe. Originally
designed to handle European transactions, Misys added connectivity to DTCC in
January 2015 to accommodate U.S.-focused managers. Counts more than 30
clients for its regulatory-reporting tool. London firm, founded in 1979, was
acquired by private equity firm Vista Equity Partners in 2012.

Mosaic Research
Management
mosaicrm.com

Research Compliance
Monitor

Software allows investment firms to capture records of all research meetings and
to track research usage. Vendor, founded on 2010, mainly focuses on hedge funds.

National Regulatory Service


nrs-inc.com

ComplianceGuardian,
Blue Sky Solution System

ComplianceGuardian offers soup-to-nuts automation of functions including


regulatory filings and development of compliance polices and procedures. Blue Sky
streamlines securities-filing and compliance-monitoring process. Lakeville, Conn.,
vendor is a unit of Reed Elseviers Accuity division.

Orical
orical.org

Compliance Software for


Registered Investment
Advisors

Automates compliance management and adherence to code-of-ethics rules.


Offered at no additional charge to the law firms compliance-consulting clients.
Orical led by former Marathon Asset Management executives Gregory Florio and
James Leahy, along with former Investcorp executive Michael Scally.

Pico Trading
picotrading.com

Regulatory Reporting

Accommodates electronic-trading operations that generate huge volumes of data.


Regulatory-reporting tool can handle 1 billion messages a day. New York vendor,
founded in 2009, led by Jarrod Yuster, who once oversaw electronic trading at
Merrill Lynch.

RedOwl Analytics
redowlanalytics.com

Reveal

Software bolsters clients compliance efforts by monitoring insider risk. Uses


pattern recognition and machine learning to sift reams of communications and
transaction data with aim of flagging potentially risky staff behavior. Baltimore
vendor founded by Guy Filippelli, who holds degrees in economics and philosophy
from West Point and Oxford and earned a Bronze Star in Afghanistan. In March
2015, Blackstone took an unspecified equity stake in RedOwl.

StatPro
statpro.com

StatPro Revolution

Allows managers to easily share portfolio- and risk-analysis results with clients
and service providers. Cloud-based system is frequently updated with new analytic
tools. Most recent update, in February 2015, was 62nd version. London vendor
founded in 1994.

Traiana
traiana.com

TR Connect

Software allows investment-management firms to report on a timely, consistent


basis to swap-data and trade repositories in a way that complies with CFTC
regulations as well as European Market Infrastructure Regulation. New York vendor
is unit of inter-dealer broker ICAP.

Vermilion Software
vermilionsoftware.com

Vermilion Reporting Suite

Browser-based system designed to perform client-communication functions in


ways that meet compliance and branding needs. Can synchronize with customerrelationship management systems. In September 2014, London vendor partnered
with Ortec Finance to integrate that firms performance-attribution technology into
its Reporting Suite.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

24

ALERT

HEDGE FUND TECHNOLOGY

BACK OFFICE: Administration

BACK OFFICE: Administration


Vendor

Product

The Skinny

Electra Information Systems


electrainfo.com

Quantum

Installed or hosted system calculates management and performance fees for


hedge funds and other investment managers and automates fee-billing process.

Fiserv
fiserv.com

Advantage Fee

Performs billing, invoicing and revenue management for institutions with complex,
changing fee structures.

Koger
kogerusa.com

New-Generation Transfer
Agency System (NTAS)

Handles investor-registration, cash-management, trade-processing, feeprocessing, compliance and reporting functions. Twenty-year-old vendor based in
Paramus, N.J.

Wall Street Systems


wallstreetsystems.com

Wallstreet Suite

Performs range of administration and accounting functions, as well as modeling,


compliance, performance-attribution and risk-management tasks. New York firm
controlled by private equity firm Warburg Pincus.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

Hedge Fund

25

ALERT

HEDGE FUND TECHNOLOGY

BACK OFFICE: IT Security and Support

BACK OFFICE: IT Security and Support


Vendor

Product

The Skinny

2Secure
2secure.biz

Data Leak Assessment

Scans computer systems for vulnerabilities to data breaches, ensuring employee


work stations are secure. Firm is led by cyber security veteran Yigal Behar.

Abacus Group
abacusgroupllc.com

FLEXDrive,
StorageBurst,
Abacus Cloud Panel

Cloud-based FLEXDrive allows fund professionals to share encrypted files of any


size and type using a variety of devices. StorageBurst provides on-demand access
to large amounts of data stored off-site. In November 2014, company rolled out
Cloud Panel, a web-based service designed to help hedge funds and private equity
funds manage email to increase transparency and cut costs. Vendor founded in
2008 by Chris Grandi and other former Eze Software executives.

EzeCastle Integration
eci.com

Eze Private Cloud

Cloud-based infrastructure supports full range of data-management functions.


Boston vendor is a pioneer in developing web-based technology for hedge fund
managers, having launched industrys first cloud-computing system for a large
New York manager in 2005. Eze Private Cloud went live in 2009. EzeCastle counts
hundreds of alternative-investment clients.

FSMLabs
fsmlabs.com

Timekeeper

System maintains sub-microsecond synchronization of transaction times for


networks of traders. Meets time-stamp rules of the SEC, NASD and U.K.s Financial
Conduct Authority. Vendor based in Austin.

Gravitas
gravitas.co

Freedom Platform Turnkey


Cloud

Designed for small and mid-size fund operators, cloud-based system supports a
range of data-storage and reporting functions. New York vendor, founded in 1996,
also offers risk-management and data-security technology. Hired Omar McKenzie
in early 2015 as chief information security officer to oversee cybersecurity efforts.

InfoHedge Technologies
infohedge.net

InfoHedge Hosted Platform

Hosts gamut of information-technology functions and applications on a private


cloud, with built-in compliance and disaster-recovery features. Developed for
hedge funds, family offices and broker-dealers, with 85% of InfoHedges 320
clients being fund operators. New York vendor founded in 2005.

Tribeca Technology
www.tribeca-it.com

Virtual Disaster Recovery

Cloud-based tool copies data from managers servers and makes it available in the
event of system failures. London firm markets technology-support services
specifically to hedge funds, with clients in Asia, Europe and the U.S.

To start your FREE trial subscription, return to HFAlert.com and click on Free Trial.
Or call 201-659-1700. You can also complete the Free Trial Coupon on the last page of this newsletter and fax it to 201-659-4141.

FREE TRIAL COUPON


R YES! Start my 3-issue free trial subscription to Hedge Fund Alert. There are no strings
attached: You wont receive an invoice unless you choose to subscribe.

DELIVERY (check one):

q E-mail

DELIVERY ADDRESS:
Name:
Company:
Address:
City/State/Zip:
Country:
Phone:
E-mail:

Fax this order form to: 201-659-4141.

q Mail

You might also like