Woodfield Fund Administration has chosen back-office solutions provider Smonik Investment Systems’ Recon solution to manage the portfolio reconciliation needs of its diverse group of investment management clients.
Smonik claims that its RECON platform will to provide clients faster trade reconciliations by automating the processes of retrieving, normalizing and uploading multiple formats of data from prime brokers, custodians and administrators.
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The platform design will also enable Woodfield to quickly onboard new clients and improve operational efficiency by automating the time-consuming, Smonik added.
Additionally the RECON platform will also provide Woodfield with a high degree of service customisation capabilities.
Frank Franiak, president and chief executive of Woodfield Fund Administration, said: "By leveraging Smonik RECON, we are able to easily tailor our reconciliation services to support the individual needs of out our broad and dynamic client base.
"RECON’s easy to use interface reduces the time to make adjustments to reconciliation platform allowing us to focus our efforts on serving our clients’ needs," Franiak added.
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