ConvergEx Prime Services, a US-based prime services provider to hedge funds, family offices, mutual funds, and RIA’s, has unveiled a new service that allows hedge funds and mutual fund companies manage liquid alternatives.
Developed in collaboration with Portfolioshop, a software development and data management firm, this new service provides daily reconciliation of data from the trust bank, prime broker and fund administrator required to support liquid alternatives.
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ConvergEx said the new solution, which accumulates data from three sources, delivers greater accuracy and reliability of daily reports that can range from VAR analysis and stress tests, to details on performance attribution and analysis.
Douglas Nelson, executive managing director at ConvergEx Group, said: "Reconciliation between multiple custodians and administrators can be a big expense for any firm, especially for ’40 Act registered funds that are required to use certain types of custodians."
"Our new service significantly simplifies this process, saving our clients time and money, and reducing staffing needs," he added.
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