New platform to strip out paper-based processes in hedge fund investment experience
Transaction technology developer Comada today announced that it has partnered with hedge fund administrator Custom House to launch a new platform for fund managers and their investors. Launched this week, the platform allows investors in hedge funds administered by Custom House to invest, track and receive investment and redemption confirmations electronically. Most importantly, it achieves this via browser-based architecture that precludes the need to download software to a desktop computer, seamlessly integrating with, and extending in-house legacy technology.
“The hedge fund industry has needed an application like this for some time now,” said Rupert Vaughan Williams, co-founder of Comada. ”We are delighted to be working with Custom House who are committed to best of breed technology. This platform significantly raises the bar for hedge fund investing. Users of this technology can now rely on robust infrastructure that electronically processes and reconciles transactions from a single reference point. It is specifically designed to minimise the operational risks of the day to day management of portfolios of alternative investments.”
Comada specialises in designing and delivering transaction-based solutions for the managed assets industry, particularly hedge funds. Its core management team has been working together in the industry for almost two decades. It provides both bespoke and off-the-shelf solutions for hedge fund managers and their clients. Comada partnered with Custom House to deliver an advanced platform that would further integrate investors into the investment cycle and help reduce operational risk.
Dermot Butler, Chairman of hedge fund administrator Custom House commented: “We wanted to deliver a service to our customers which they could rely on. It is now possible for both managers and investors to track the progress of investments and redemptions electronically, real time, 24 hours a day. Thanks to our partnership with Comada, we believe we are the first hedge fund administrator to be able to offer this particular kind of service.”
Custom House is responsible for the administration of more than $40 billion in hedge fund assets globally, across a range of different investment strategies. It has established its credentials as being a first mover and innovator in the arena of hedge fund administration.
Comada was established by seasoned funds industry professionals in 2004 to create bespoke and off-the-shelf technology applications for fund services providers and managers. Its M.A.T.ware core engine has been used to power M.A.T. Share, the STP solution for fund services companies and funds of funds managers. Its solutions are focused on improving operational risk by delivering greater transparency and comprehensive liquidity analysis. Its browser-based products are easily delivered over Intranet, Extranet or Internet, to the desk tops of custody and fund administration operations linking them directly to their hedge fund clients.
About Custom House
Custom House Global Fund Services Ltd., the Maltese-based holding company for the Custom House Group, is a member of the Equity Trust group of companies. The company is a Category 4 Licensed Custodian of funds-of-funds and recognised as a full service hedge fund administrator by the Malta Financial Services Authority (“MFSA”).
The primary business of Custom House is the provision of full administrative services to alternative investment and hedge funds, including private equity and real estate funds, as well as managed accounts. Established in 1989, Custom House operates a network of global offices, and has approximately 290 staff worldwide. With around US$40 billion in assets under administration, the firm provides administration services to more than 200 managers, trading through more than 600 investment funds. Custom House provides daily dealing NAVs for over a third of these.