ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced a new service to help hedge funds and mutual fund companies manage liquid alternatives. Liquid alternatives are investment products that feature an alternative strategy that has been packaged into a mutual fund, ETF or other exchange-traded product.
Developed in cooperation with Portfolioshop Inc., a software development and data management firm based in New York, this new service provides daily reconciliation of complex data between the three parties that are required to support liquid alternatives: the trust bank, the prime broker and the fund administrator. This reconciliation helps to ensure greater accuracy and reliability of daily reports that can range from VAR analysis and stress tests, to details on performance attribution and analysis.
“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,” said Douglas M. Nelson, ConvergEx Group executive managing director. “We are excited to be offering our clients innovative new tools for the burgeoning liquid alternatives market.”
ConvergEx Prime Services is an industry‐leading provider of integrated prime services to hedge funds, family offices, mutual funds and Registered Investment Advisors. It offers advanced technology, global execution and reporting tools provided by multiple prime custody options through Goldman Sachs Execution and Clearing, L.P., J.P. Morgan Clearing Corp and Pershing LLC. Its customers are exposed to a broad base of long‐standing customer relationships with an experienced team providing high quality service and unique advantages in the marketplace.