1 Front Office Page 2 Page 4 Page 8 Research and Analysis Trade Execution and Management 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 : 5 Marine View Plaza, Suite 400, Hoboken NJ
2 2 FRONT OFFICE: Research and Analysis FRONT OFFICE: Research and Analysis AIM Software aimsoftware.com Arialytics arialytics.com Dataminr dataminr.com Deltix deltixlab.com EidoSearch eidosearch.com evestment evestment.com FactSet Research Systems factset.com Kensho Technologies kensho.com Ledgex Systems ledgex.com GAIN Corporate Actions DM Aria Dataminr TimeBase, QuantOffice, QuantServer EidoSearch Quantum Analytics, Spectrum Analytics, Spotlight Analytics FactSet Entity Data Management Warren Ledgex Research Tracks various corporate events for companies in an investment portfolio, enabling the manager to react promptly to announcements. Austrian vendor founded in 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. 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. 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 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 Toronto company founded in 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. Announced in February 2015 that it was acquiring Code Red, a Boston software firm that provides research-management products to institutional investors. FactSet s 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. 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, Fidelity s private-investment arm. 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.
3 3 FRONT OFFICE: Research and Analysis FRONT OFFICE: Research and Analysis Lucena Research lucenaresearch.com Market Prophit marketprophit.com Markov Processes International markovprocesses.com Mosaic Research Management mosaicrm.com QuantConnect quantconnect.com RavenPack ravenpack.com Software AG softwareag.com QuantDesk Market Prophit Stylus Pro Suite Vendor Relationship Manager QuantConnect RavenPack News Analytics, RavenPack Indicators Apama Real-Time Analytics 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 F- 15 fighter pilot Tucker Balch, a Georgia Tech professor specializing in artificial intelligence and machine learning. 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. 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. Gathers feedback and quantifies the value of a firm s research vendors. New York company founded in 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 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 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.
4 4 FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management ACA NorthPoint acacompliancegroup.com Advent Software advent.com Apex Technologies apexfundservices.com Black Mountain Systems blackmountainsystems.com Bloomberg bloomberg.com Calypso Technology calypso.com Charles River Systems crd.com Citadel Technology citadeltechnology.com Citco citco.com Order Management System Moxy Vector, Vision Everest Bloomberg Asset & Investment Manager (AIM) Calypso Charles River IMS Core Order Management System Citco AExeo 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 NorthPoint s 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 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. Advent s 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. 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 Linedata s 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. 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 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. 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. 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 Data s corporate-action service through investment book of record (IBOR) product. Burlington, Mass., vendor has 350-plus clients worldwide. 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 Griffin s investment team at Chicago hedge fund shop Citadel. In 2013, technology unit partnered with REDI Global Technologies, a former Goldman Sachs unit, to integrate REDI s execution-management capabilities. 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 Infonic s HedgeSphere software, which offers middle-office and portfolio-management tools to funds of funds. Citco best known as the world s largest hedge fund-administration business.
5 5 FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management Cymba Technologies cymba-tech.com Derivation Software derivation.co.uk Eze Software ezesoft.com Fidessa fidessa.com FinlogiK finlogik.com Fiserv fiserv.com FIX Flyer fixflyer.com FlexTrade Systems flextrade.com Indata indataweb.com InfoReach inforeachinc.com ION Trading iontrading.com Cymba Athena IMS Derivation Eze OMS, Eze JumpStart Minerva FinlogiK for Investors Portfolio Management & Trading FIX Engine, Drop Copy Service FlexTrader Intelligent Portfolio Management (ipm) InfoReach Trade Management System, HiFREQ, InfoReach Prelude Spectrum Treasury Performs decision-support, order-management and execution-management functions, as well as compliance, accounting and real-time profit-loss analysis. London vendor founded in 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 Client roster is heavy on hedge funds, including Nan Fung Investment and Skyline Capital. Eze s 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 Eze s 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. Performs order-management functions for large asset managers trading equities, fixed-income securities, futures, options and over-the-counter derivatives. Can be integrated with Fidessa s portfolio-management and compliance tools. Recently added trade-affirmation capabilities. U.K. public company founded in 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 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 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 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 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. 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 don t require customization. Chicago vendor founded in 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.
6 6 FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management ITG itg.com Linedata linedata.com Liquid Holdings liquidholdings.com Molecule Software molecule.io Neovest neovest.com NinjaTrader ninjatrader.com Nirvana Solutions nirvanasolutions.com OpenLink olf.com Orc Group orc-group.com Portware portware.com Quantica Trading quanticatrading.com ITG Order Management System (MacGregor XIP), Posit, Triton Linedata Longview, Linedata Global Hedge Portfolio Manager, Linedata Trader+ LiquidTrade Molecule Neovest 7.0 NinjaTrader Nirvana Solutions Findur Orc Trader Portware Enterprise, Alpha Vision Cloud Trader 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 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. Broker-neutral platform combines low-latency trading tools with ordermanagement capabilities to ensure trading complies with a manager s 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. 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. 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 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. 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 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. 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. 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 Clients include Invesco. 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.
7 7 FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management REDI Global Technologies redi.com SGGG Portfolio Systems sgggpsc.com SimCorp simcorp.com Sky Road skyroad.com SS&C Technologies ssctech.com SunGard Data Systems sungard.com Tora Trading Services tora.com Trading Technologies tradingtechnologies.com TradingScreen tradingscreen.com REDIPlus Execution Management System (EMS) FUNDpliance SimCorp Dimension Motion Services Platform Global Wealth Platform Front Arena, Hedge360 Tora Compass X_Trader, TT SIM, X_Risk TradePrime 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 Spear Leeds launched REDI in 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 s 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. 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 In July 2015, acquired Advent for $2.6 billion in a deal that combined its more than 6,000 financial-services clients with Advent s 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. 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 SunGard s 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. 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. Firm s 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 moment s 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. 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 In 2009, acquired Lava execution-management system from Citigroup, which then designated TradingScreen as its preferred execution-management system for institutional buy-side clients.
8 8 FRONT OFFICE: Portfolio Management FRONT OFFICE: Portfolio Management ACA NorthPoint acacompliancegroup.com Advent Software advent.com Athena Investment Systems athenasystems.com Axioma axioma.com Broadridge Financial broadridge.com CDO Software cdosoftware.com Citadel Technology citadeltechnology.com ClearStructure Financial Technology clearstructure.com Enfusion Systems enfusionsystems.net Eze Software ezesoft.com Portfolio Management and Reporting System Advent Portfolio Exchange (APX), Geneva Aura OMS Axioma Portfolio Optimizer Broadridge Portfolio Master CDO Tools Trade & Position Management System Sentry PM, ClearStart Enfusion Integrata Tradar PMS 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 NorthPoint s order-management system. 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 Advent s order-management system, Moxy. Geneva is preferred tool for managers of advanced derivatives portfolios. 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 Portfolio-construction software uses internal, third-party or Axioma risk models to support a range of investment strategies. The firm s other portfolio-management offerings are Axioma Portfolio Performance Attribution, Axioma Portfolio Backtester and Axioma Portfolio Analytics. New York vendor founded in 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 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. 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. 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. 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 Clients include Balestra Capital and Pentwater Capital. Designed to complement Eze s 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.
9 9 FRONT OFFICE: Portfolio Management FRONT OFFICE: Portfolio Management Fidessa fidessa.com Imagine Software derivatives.com Incapture Technologies incapturetechnologies.com Indus Valley Partners indusvalleypartners.com ITG itg.com Ledgex Systems ledgex.com Lightkeeper lightkeeper.com Markit markit.com Misys misys.com Murex Tesseract Imagine Trading System Rapture IVP Stratus ITG Position Manager Ledgex Portfolio Manager Lightkeeper Markit WSO Administrator Sophis Value MX.3 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 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. 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. 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. 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 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. 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. 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. 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 The following year, Misys was acquired by private equity firm Vista Equity Partners. 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 system s collateral-management capabilities.
10 10 FRONT OFFICE: Portfolio Management FRONT OFFICE: Portfolio Management Novus novus.com Numerix numerix.com Orchestrade Financial Systems orchestrade.com Real Time Risk Systems realtimerisksystems.com RiskVal Financial Solutions riskval.com SunGard Data Systems sungard.com Tethys Technology tethystech.com thinkfolio thinkfolio.com Novus Numerix CrossAsset Orchestrade Protozoa RVFI Fixed Income Solution Asset Arena 360 Execta thinkfolio 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. 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. 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 Analyzes derivatives positions to show real-time changes in a portfolio s risk. New York vendor founded in 2004 by Robert Navin, who previously worked at fundmanagement firms DKR Oasis Capital and Highbridge Capital. 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. RiskVal s 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. 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 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 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.
11 11 MIDDLE OFFICE: Data Management MIDDLE OFFICE: Data Management ACA NorthPoint acacompliancegroup.com Advent Software advent.com AIM Software aimsoftware.com Arcesium arcesium.com Asset Control asset-control.com Axiom Software Laboratories axiomsl.com Broadridge Financial broadridge.com Code:Red coderedinc.com DST Global Solutions dstglobalsolutions.com Eagle Investment Systems eagleinvsys.com Exegy exegy.com Global Securities Master, Price Master, Data Warehouse Tamale RMS GAIN Reference Data Arcesium AC Plus Dynamic Data Warehouse, IntegrationCenter Broadridge Analytics Master, Broadridge Security Master, Broadridge Price Master Code:Red RMS, IdeaNet Anova Eagle ACCESS Exegy Trading Application Platform, Exegy Ticker Plant, Exegy Market Data System 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 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. Stores, secures and validates data brought in through a firm s various operations. Creates a golden copy or single source of truth for data derived from all internal and external sources. Austrian vendor founded in 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 Has staff of more than 300. 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. 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 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 RMS indexes research, models, events, contacts and s related to investment opportunities. IdeaNet allows portfolio managers to receive s from selected brokers, categorize the information by symbol and source, and tie information to specific opportunities. Boston vendor launched 10 years ago. 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 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. 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.
12 12 MIDDLE OFFICE: Data Management MIDDLE OFFICE: Data Management GoldenSource thegoldensource.com Indata indataweb.com Indus Valley Partners indusvalleypartners.com Isis Financial Systems isisfs.com Mackey mackeyrms.com MIK Fund Solutions mikfs.com OneMarketData onetick.com QED Financial Systems qedfs.com Wells Fargo wellsfargo.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 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. IVP Recon, IVP Polaris, IVP Security Master Investment Data Management MackeyRMS Data Warehouse OneTick QED Investment Management System RealSTP Vendor s 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. 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 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. 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 Vendor, founded in 2006 by software developer Fadi Kaddoura, focuses exclusively on alternative-investment industry. Recently opened offices in Boston and Shanghai. Vendor s flagship product stores, retrieves and analyzes real-time and historic tick data for any type of asset. Hoboken, N.J., firm founded in Performs data-management, portfolio-accounting, reporting and analytics functions for investment managers. Also offers its Business Intelligence product based on the firm s SmartData technology, which combines data-management and more advanced analytical capabilities. Marlton, N.J., vendor founded in 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 Fargo s fund-administration unit.
13 13 MIDDLE OFFICE: Risk Management MIDDLE OFFICE: Risk Management Alpha Theory alphatheory.com ATA RiskStation atariskstation.com Axiom Software Laboratories axiomsl.com Axioma axioma.com Broadridge Financial broadridge.com ConceptOne conceptonellc.com Delta Hedge Systems deltahedgesystems.com Financial Tracking Technologies financial-tracking.com IBM ibm.com Investor Analytics investoranalytics.com Liquid Holdings liquidholdings.com Login Misys misys.com Alpha Theory ATA RiskStation RiskMonitor Axioma Risk Risk Master Real Time Portfolio & Risk Management System OmniHedge Portfolio & Risk Management System Excessive Fiduciary Risk Alerts, Performance and Holdings Dispersions, Counterparty Risk, Portfolio Pumping Algo Risk Investor Analytics LiquidMetrics Login-Acumen isophis 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. Web-based service provides daily reviews of risk exposures across portfolios. Available on a monthly subscription basis. Service is powered by Portfolio Science s RiskAPI system. Dallas vendor founded in Software allows users to employ advanced methodologies in calculating market, credit and liquidity risk. Covers most asset classes. 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 Designed to manage, monitor and report on a portfolio s 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 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. 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. 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 An application with a web-based option that combines what-if analyses and besthedge recommendations with firm-wide risk-management capabilities. 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 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. 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. 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 The following year, Misys was acquired by private equity firm Vista Equity Partners.
14 14 MIDDLE OFFICE: Risk Management MIDDLE OFFICE: Risk Management MSCI msci.com Murex NewOak Capital newoak.com Novus novus.com Ortess ortess.com Patsystems patsystems.com Portfolio Science portfolioscience.com S&P Capital IQ capitaliq.com SAS sas.com Sky Road skyroad.com StatPro statpro.com SunGard sungard.com RiskMetrics RiskManager, BarraOne MX Risk Manager OpenRisk Novus Risk Equalizer Xcellerate Algo System and Risk Administration RiskAPI Portfolio Solution High-Performance Risk Motion Services Platform StatPro Revolution APT 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. 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. 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 D Vari, formerly head of structured finance at BlackRock. NewOak also has advisory and asset-management units. 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. 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 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 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 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. 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. 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. 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 Clients include J2 Capital and Viniculum Fund Management. 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.
15 15 MIDDLE OFFICE: Risk Management MIDDLE OFFICE: Risk Management 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 MIDDLE OFFICE: Cash and Collateral Management Enso Financial efmactive.com HazelTree Treasury Management hazeltree.com Indus Valley Partners indusvalleypartners.com Ledgex Systems ledgex.com Lombard Risk lombardrisk.com Murex Omgeo omgeo.com S3 Partners s3blacklight.net SunGard sungard.com CreditLink MIDDLE OFFICE: Cash and Collateral Management Enso Treasury Management Solution IVP Treasury Ledgex Liquidity Colline MX Collateral Manager Omgeo ProtoColl S3 Blacklight Apex Collateral 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 Traiana s services. 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. 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. Helps managers monitor margin lending, stock lending, collateral and cash positions. Includes PB uplift function that quantifies potential benefits of switching prime brokers. 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. 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. 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. 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. 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 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.
16 16 MIDDLE OFFICE: Securities Pricing and NAV Calculation MIDDLE OFFICE: Securities Pricing and NAV Calculation AIM Software aimsoftware.com Financial Tracking Technologies financial-tracking.com FinancialCAD fincad.com ION Trading iontrading.com Linedata linedata.com Milestone Group milestonegroup.com.au SunGard sungard.com GAIN Portfolio Pricing Price/Valuation of Holdings, Valuation Testing FINCAD Analytics Suite, F3 ION Pricing Engine Navquest pcontrol NAV Oversight FX TCA Monitors and validates pricing information and rates, reporting suspicious information before it can pose risks or lead to operational problems. Austrian vendor founded in 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. 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 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 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. 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. Software-as-a-service tool designed to help currency traders calculate and analyze their transaction costs. Among the newer products in SunGard s catalogue, FX TCA was introduced in December 2014.
17 17 MIDDLE OFFICE: Investor Relations MIDDLE OFFICE: Investor Relations Backstop Solutions backstopsolutions.com Harvest hvst.com Imagineer Technology Group itgny.com Ledgex Systems ledgex.com ProTrak International protrak.com SimCorp simcorp.com Backstop Solutions Harvest Exchange, Harvest Private Clienteer Investor Relations CRM, WebVision Online Investor Reporting Ledgex CRM ProTrak Advantage CRM Coric Client Communications 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 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 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. 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 Rolled out stand-alone application in March 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. 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 Software assists asset managers with client communications and reporting. Coric Web Reporter allows clients to access reports online. Copenhagen company founded in In 2014, SimCorp acquired Equipos, a Boston firm that developed the Coric products.
18 18 MIDDLE OFFICE: Trade Reconciliation and Processing MIDDLE OFFICE: Trade Reconciliation and Processing Electra Information Systems electrainfo.com Fiserv fiserv.com ION Trading iontrading.com Omgeo omgeo.com SS&C Technologies ssctech.com Traiana traiana.com Watson Wheatley Financial Systems ACTioN, StaARS, RecCollect TradeFlow ION.NET Omgeo Central Trade Manager, Omgeo Alert, Omgeo OASYS Debt & Derivatives ClientLink i-recs 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 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. 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 ION s MarketView network. London vendor s tradefinancing tool, Anvil, helps automate repo and other financing functions. 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. 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. Offers connections to brokers and exchanges to automate post-trade allocations and confirmations for stocks, derivatives and foreign exchange. 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.
19 19 BACK OFFICE: Accounting BACK OFFICE: Accounting Advent Software advent.com Cogency Software cogencysoft.com DST Global Solutions dstglobalsolutions.com Fiserv fiserv.com Ingenious Initiatives pennyitworks.com Linedata linedata.com Liquid Holdings liquidholdings.com MultiFonds Geneva World Investor Investor and Fund Accounting HiPortfolio Global Investment Manager Penny-IT Works Linedata Chorus, Linedata Icon, Linedata Mfact LiquidView MultiFonds 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. 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 Vendor acquired by Chicago-based Backstop Solutions in May 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 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. 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. 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 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. 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.
20 20 BACK OFFICE: Accounting BACK OFFICE: Accounting PortfolioShop portfolioshop.com Princeton Financial Systems pfs.com SS&C Technologies ssctech.com SunGard sungard.com TPG Software tpgsoftware.com ReconAdvantage PAM for Investments AdvisorWare, AdvisorWare Enterprise, Total Return VPM, Investran TPG Trader 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. 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. 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. VPM stores data including cost basis and other tax-relevant details for stocks, bonds, futures, bank debt, repos and swaps. In July 2015, Houston-based administrator Virtus Partners launched a hedge fund service, built on the VPM platform, to provide middle- and back-office functions for fund managers that trade bank loans and other corporate debt. 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. 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.
APT Integrated risk management for the buy-side SUNGARD S APT: INTEGRATED RISK MANAGEMENT FOR THE BUY-SIDE SunGard APT helps your business to effectively monitor and manage its investment risks. Whatever
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ASSET AND INVESTMENT MANAGER (AIM) A Bloomberg Trading Solutions Offering BE AGILE EXPAND YOUR REACH Bloomberg Trading Solutions delivers
Valdi Equity Trading Valdi EDA Orders VALDI SOLUTIONS FOR EQUITY TRADING Traders on electronic markets face enormous challenges in maintaining and growing their profitability. The drive for greater efficiency
Advent Software Advent Software Innovative Solutions for Investment Management Innovation & Proven Reliability Since 1983 Setting the Standard for Investment Technology 25 Years of Innovation Advent pioneered
FusionBanking KTP Software overview Integrated global treasury management Unifying treasury operations to optimise cashflow We needed to put in place a global solution to manage cash positions resulting
Valdi for Equity Trading High performance trading solutions for global markets EDA Orders SunGard s VALDI: SOLUTIONS FOR Equity Trading Traders on electronic markets face enormous challenges in maintaining
HEDGE FUNDS A Bloomberg Trading Solutions Offering SUCCESS BEGINS HERE Wherever your hedge fund is in its lifecycle starting up, expanding or firmly established Bloomberg has the data, solutions and industry
The Power of an Integrated Treasury Management Solution A powerful, proactive performance enhancement and risk mitigation system. HazelTree provides a single vantage point to discern, analyze, and optimize
L2: Alternative Asset Management and Performance Evaluation Overview of asset management from ch 6 (ST) Performance Evaluation of Investment Portfolios from ch24 (BKM) 1 Asset Management Asset Management
Compliance Management EFFECTIVE MULTI-CUSTODIAL COMPLIANCE AND SALES SURVEILLANCE Broker-dealers that have implemented best practices consistently report that they have increased confidence in their ability
DESIGN AN EFFECTIVE RISK MANAGEMENT PROCESS ACROSS INVESTMENT STRATEGIES AND ASSET CLASSES Managing market risk at a firm that trades across investment strategies and asset classes presents several challenges.
Fixed income portfolio management and analytics Solution insight Fixed income portfolio management and analytics Obtain a unified view of the investment process to make timely and informed trading decisions
Linedata Global Hedge Operational power in your hands In the hedge fund market, the quest for Alpha continues The challenges you face are greater than ever. Increased investor requirements mean that robust,
Let yourself go! As advances in technology give the buy-side trader seemingly limitless options, the boundaries between in-house and third-party tools and services continue to shift. Bob Giffords Digital
Citi OpenInvestor sm Hedge Fund Services Focused Solutions Specialized Expertise Transaction Services 2 Citi Transaction Services Confronting a Changing Landscape Today s hedge fund managers are facing
FusionCapital Summit Software overview The flagship system for derivatives and cross-asset trading Deepest front-to-back coverage for improved processing and control We chose FusionCapital Summit in our
Trading Services Comprehensive solutions for today s complex markets Your Business Without Limits TM Give Yourself a Competitive Edge Today, when milliseconds count, you need reliable resources to help
2014 Global Hedge Fund Technology Benchmark Study About Eze Castle Integration Eze Castle Integration is the leading provider of IT solutions and private cloud services to more than 650 alternative investment
O P E R A T I O N A L A N D C O S T E F F I C I E N C I E S F O R A C O M P E T I T I V E E D G E I n v e s t m e n t O p e r a t i o n s O u t s o u r c i n g F O C U S O N Y O U R C O R E S T R E N G
SOLUTIONS FOR BANKS AND TRUST ORGANIZATIONS SunGard s suite of wealth management solutions is designed to meet evolving business needs at all levels of your organization. From financial planning and trading
Wealth Management Solutions Delray Financial Group LLC is an independent regional boutique wealth management firm whose sole business is to serve its clients. With over 25 years of personalized, professional
STARWOOD PROPERTY TRUST ANNOUNCES SPIN-OFF OF SINGLE-FAMILY RESIDENTIAL BUSINESS - New public REIT, to be called Starwood Waypoint Residential Trust, will be one of the largest investors, owners and operators
TM The foundation for your decisions. Risk Management Manage any asset class, statistical and pricing analytics, spreadsheet data, time series and the validation of complex business objects such as curves,
CFTC Technology Advisory Committee Rule 1.73 The Challenges of Risk Managing Give-Ups and Bunched Orders for Futures and Options on Futures Version 2.5 October 30 th 2012 1 Clearing Member Risk Management
KEY TECHNOLOGY CONSIDERATIONS FOR HEDGE FUNDS Examining the business and technology issues facing a hedge fund when selecting their software solution. TABLE OF CONTENTS Key technology considerations for
Securities Trading The adoption of technology is rapidly changing the dynamics of the brokerage industry. The increasing use of smartphones and tablets represent a transformation in the way in which investors
Algorithmic Trading: Perceptions and Challenges By Gordon Baker and Shashi Tiwari November 2004 Abstract Increasing competition in the algorithmic trading space and prospective phenomenal growth in Direct
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ENTERPRISE RISK Bloomberg Trading Solutions MANAGE RISK WITH CONFIDENCE >>>>> SHARPEN YOUR VIEW Managing risk is more critical than ever. And more
Institutional Equity Sales NAEF Conference 2011 How alternative trading systems impact the liquidity landscape and creates winners and losers. Robert Laible Global Co-Head of Electronic Trading & QPS Sales
Chartis RiskTech Quadrant for Basel 3 Technology Solutions 2013 The RiskTech Quadrant is copyrighted July 2012 by Chartis Research Ltd. and is reused with permission. No part of the RiskTech Quadrant may
EXECUTION MANAGEMENT SYSTEM Bloomberg s Execution Management System, EMSX, is a sophisticated, broker-neutral trading tool that allows you to route seamlessly to nearly 2,000 broker-dealer destinations,
KONDOR+ STRAIGHT THROUGH PROCESSING ONE PRODUCT, ONE DATABASE, ONE WORKFLOW: INCREASING EFFICIENCY AND REDUCING COSTS FROM THE FRONT TO THE BACK OFFICE Kondor+ Straight Through Processing KONDOR+ INTEGRATING
THOMSON REUTERS CONTRIBUTIONS CHANNEL MULTIPLY YOUR REACH Contribute your content to Thomson Reuters and expand your business 1 EXPAND YOUR BUSINESS WITH THE THOMSON REUTERS CONTRIBUTIONS CHANNEL THE THOMSON
Multi-Asset Masters How Mellon Capital's Lynn Challenger effectively manages a desk trading stocks, bonds, currencies and derivatives Traders Magazine, September 2013 Mary Schroeder For Lynn Challenger,
August 15, 2014 Vol. 5, No. 3 THE ADVANTAGES OF CLOUD BASED TECHNOLOGY FOR HEDGE FUNDS An interview with Steve Lewczyk, Cofounder at Nirvana Solutions In this issue we interviewed Steve Lewczyk, Co-founder
Global Stock Plan Services Maximize your return on equity plans Corporate equity plans may represent a significant investment in your employees and in your company. But getting them right in an increasingly
FusionCapital Sophis Software overview The system of choice for equity and commodities derivatives and delta one Bringing trading, risk management and operations closer together With FusionCapital Sophis,
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> A GLOBAL NETWORK OF FINANCIAL INFORMATION, BUSINESS INTELLIGENCE, PEOPLE AND IDEAS EE ALL IDES WELCOME / / / / / / / / / / / / / / / / / / / / /
Mitch Kosev and Thomas Williams* The exchange-traded fund (ETF) industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size. The
PRIVATE Solutions Suite Ambit Private Banking Solutions Suite SunGard s Ambit Private Banking solutions suite is a comprehensive set of solutions designed to help Swiss & international private banks create
1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates
Reprinted from RISK MANAGEMENT l DERIVATIVES l REGULATION www.murex.com DECEMBER 2012 Technology firms are trying to help their clients adapt to a world in which new regulations and low trading volumes
GEORGES R. COURTADON E-mail: email@example.com SUMMARY Successful record producing financial research as a financial engineer in a business environment or as a finance faculty member. Adept at managing
THE PROVEN PLATFORM HOW THE BUSINESS OF MONEY GETS MOVING INTERACTIVE PDF $500 Billion of Institutional Liquidity Is Traded Through Portals. Liquidity portals provide financial institutions with new revenue
p r o v i d i n g c o n f i d e n c e t h r o u g h p e r f o r m a n c e Our Services Trident Fund Services a division of the Trident Trust Group offers fund sponsors an independent outsourced back office
VALDI FOR DERIVATIVES TRADING High performance trading solutions for global markets EDA Orders SUNGARD S VALDI: SOLUTIONS FOR DERIVATIVES TRADING New contracts and markets continue to emerge in an extremely
Client a Major New York Based Global Asset Manager Background Multiple, duplicated systems and processes used to manage reference and pricing data had resulted in inconsistent data quality and inefficient
David M. Battan Executive Vice President and General Counsel INTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group 1725 EYE STREET, N.W. SUITE 300 WASHINGTON, DC 20006 TEL (202) 530-3205 July
Managing risk in a new world Navigating the five major hurdles for hedge funds 2 Managing Risk in a New World Risks Hedge funds are responding to new regulatory reporting requirements and investor demand
Hosted Treasury Management Solution Data security Your Treasury data is stored more securely than can be achieved when you deploy on site. Our hosting providers use secure facilities with multiple encryption
FRONT ARENA FOR TREASURY Enhancing Profitability Driving a sound and profitable treasury requires a system that can help efficiently manage the bank s strategic, operational and risk management requirements.
Hedge Fund Solutions Xignite Market Data Cloud Build Applications in Days, Not Months Eliminate In-House Data Management Costs No Software, No Hardware, No Headaches, No Worries Focus on Alpha Generation,
IndexIQ Smart solutions for better portfolios by MainStay Investments An Innovative Marriage of ETFs and Alternative Investments In recent years, exchange-traded funds (ETFs) have steadily grown in popularity.
APEX COLLATERAL Innovative solutions for enterprise-wide collateral management and optimization Post-crisis reform is driving a critical need for advanced collateral management. The parallel implementation
EMC PERSPECTIVE Strategic Considerations for Investment-Management Outsourcing In a new, post-financial-crisis era, investment- firms are facing intense cost-cutting pressure, increased competition, and
Business Developments in the Americas Mizuho Corporate Bank To Our Clients Mizuho Corporate Bank ("Mizuho" or "MHCB") continues to strengthen its network and services across the Americas, despite difficult
COMMODITIES MANAGEMENT SOFTWARE Measuring and managing risk from mine to market TIME FOR A CHANGE The global commodities markets are becoming increasingly volatile and complex. Rapid price and exchange
HEDGE FUND PORTFOLIO MANAGEMENT FRONT ARENA FRONT ARENA FOR HEDGE FUNDS REAL TIME PORTFOLIO AND RISK MANAGEMENT The pressure has never been higher to find software solutions able to adapt to the changing
Loans solutions Markit delivers an integrated and scalable suite of solutions that deliver increased transparency and efficiency to loan market participants and support the front, middle and back office.
Pricing Data Pricing across bonds, CDS and loans, as well as equity volatility data and securities lending data for stocks and bonds Complete transparency, with detailed information relating to methodology
Equities Dealing, Brokerage and Market Making SEEK MORE Fully informed and ready to trade A whole world of information affects the equity markets economic data, global political events, company news and
αsuite for asset managers Understanding your challenges Looking to enhance returns and distribution whilst taking the cost out of your business? BNP Paribas lets you concentrate on your core activities,
February 22, 2015 MEMORANDUM Re: Due Diligence Information for Advisors, Brokers, Hedge Funds and Other Financial Institutions and Intermediaries Using or Considering Interactive Brokers LLC as Prime Broker/Custodian
yale program on financial stability case study 2014-1e-v1 november 1, 2014 Basel III E: 1 Synthetic Financing by Prime Brokers Christian M. McNamara 2 Andrew Metrick 3 Abstract Hedge funds rely on prime
Misys FusionInvest Solution overview Bringing your business closer together A connected approach in investment management is critical More agility, better risk control How do you meet tactical needs and
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> HEDGE FUNDS A Bloomberg Professional Service Offering AKE HE NITIATIVE THE UNPARALLELED HEDGE FUND PLATFORM ////////////////////////////////////////
tran scend tran-sénd verb [trans.] to go beyond or rise above (a limit), to be greater than (something ordinary). At Transcend Capital, we have earned our reputation for integrity, honesty and accountability
Solutions Portfolio Management & Trading End-to-End Processing and Communications Leveraging More Than 2,500 Interfaces Allow You to Deliver Your Best to Your Investors Solutions As the wealth management
SOLUTIONS FOR REGISTERED INVESTMENT ADVISORS Delivering customized investment solutions and strategies to sophisticated fiduciaries and intermediaries For Use with Financial Professionals Only. Not for
The Role of a Prime Broker Prime brokers offer a core service where hedge funds can access a wide range of markets and products. In broad terms, the prime broker acts as a conduit between hedge funds and
COMMERCIAL BANK Moody s Analytics Solutions for the Commercial Bank Moody s Analytics Solutions for the Commercial Bank CATERING TO ALL DIVISIONS OF YOUR ORGANIZATION The Moody s name is synonymous with
DTCC: An Overview Larry Thompson, DTCC Managing Director and General Counsel August 2013 1 DTCC: Introduction User-owned cooperative that through its subsidiaries provides secure, reliable, costeffective
market data solutions Website Content Market Data & Information Feeds Desktop Trading Applications Premier Market Market Data & Information FINANCIAL AGRICULTURE ENERGY MEDIA WEBSITES INVESTOR RELATIONS
Fidelity WealthCentral Proven. Open. Integrated. Managing your business is about to get a whole lot easier. Productivity, ease of use, and integration these are the technology challenges that, on a daily
THE VALUE OF TRUSTED DATA How Asset Managers Use Technology To Turn Data Into Actionable Insight THE VALUE OF TRUSTED DATA HOW ASSET MANAGERS USE TECHNOLOGY TO TURN DATA INTO ACTIONABLE INSIGHT Faced with
Oracle Financial Services Broker Compliance Financial institutions with retail, wealth management, and private banking businesses recognize the direct relationship between rigorous compliance processes
NEONET SECURITIES The European Specialist in Execution Services Neonet Securities is a specialist in execution, offering a unique range of services in the rapidly changing electronic trading landscape.