HedgeCo Networks has selected Pershing Advisor Solutions as a custodian for its hedge fund alternative investment platform, HedgeCoVest.
HedgeCoVest, which is created to transform the way institutional and retail clients allocate to fund manager strategies, is planned for Beta launch in August 2014 using its proprietary technology, Replicazor.
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The Replicazor will enable clients to replicate the strategy of hedge fund managers and allow clients to retain control of investment capital in their brokerage account.
Pershing Advisor Solutions will offer a robust platform designed specifically for investment advisors to efficiently manage their businesses and service their discerning clientele.
Under the partnership, Pershing Advisor Solutions will allow HedgeCoVest to potentially tap into the unique strength and global resources of Pershing LLC and BNY Mellon.
Additionally, HedgeCoVest will provide improved transparency and security and monitor portfolios in real time as well as remove the structural barriers of traditional hedge funds.
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By GlobalDataAt the same time, HedgeCoVest clients will also open their brokerage accounts with Interactive Brokers.
Evan Rapoport, CEO of HedgeCo Networks, said: "Our strategic partnership with Pershing Advisor Solutions is a perfect fit and a testament to the ground breaking technology and commitment to excellence that will allow HedgeCoVest to bring the hedge fund industry to the masses.
"Pershing’s expertise will play an integral role in allowing investors to utilize HedgeCoVest to allocate to hedge fund strategies outside the hedge fund structure," added Rapoport.
