CAYMAN 2012 - HFMWeek

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CAYMAN 2012 FINANCIAL SERVICES due diligence to ensure the solution not only adheres to operational and technical best practices (SAS70, disaster recovery and trade capture,) but is able (and willing) to adapt quickly in response to the alternative industry’s ever-changing regulatory and investment demands. At a bare minimum, technology platforms of service providers claiming to offer automated managed account administration should possess the following as a standard offering: • Transparency: Daily centralised access to portfolio holdings, transactions and P&L for each underlying account • Aggregation: The ability to harness deep visibility across the platform as a whole, and on an accountby-account basis; identify exposure by position and sector (for example, single stock risk across the platform) • Daily pricing non-listed products • Daily exposure and profit and loss reporting • Daily custom risk extracts • Straight through processing and trade capture of all listed and non-listed security types • Automated security setup and corporate action processing • Automated portfolio event processing (coupons, maturities and swap payments) • NAV reporting and daily portfolio accounting, includes shadow accounting • Automated reconciliation with prime brokers and fund administrators • Data warehousing, custom reporting and on-line data analysis • Capabilities and resources available to calculate a daily NAV for all strategies Without these standard features, it is difficult to deliver a managed account service offering, particularly one which is scalable. MANAGED ACCOUNT PLATFORM ADMINISTRATION – BUY OR BUILD The expression “mission critical” is often heard in discussions regarding the managed account administration environment and its supporting technology. As the alterna- EXISTING TECHNOLOGIES AND MONTH-END CENTRIC SYSTEMS ARE BECOMING ANTIQUATED IN FAVOUR OF MORE FLEXIBLE PLATFORMS ” tive industry moves closer to the mutual fund’s reporting expectations, existing technologies and month-end centric systems are becoming antiquated in favour of more flexible platforms that are costly to build and maintain. The financial and resource commitments of a managed account platform service offering have led service providers and large investment managers alike to leverage the investments made by technology vendors to provide turnkey solutions. Turnkey solutions can help avoid large initial out-ofpocket expenses associated with hiring seasoned CTOs and an experienced IT staff to start from scratch. The key to ensuring these vendors provide sustainable value are solid service level agreements, which cover wide scale platform support and obligations to support future development to handle tailored and sometimes bespoke requirements of key clients and client prospects. For fund managers seeking to launch or fill the gaps of their managed account product, we see the quickest time to implement is leveraging a solution or service provider that has already put the time and cost into building a flexible solution. DEUTSCHE BANK’S ALTERNATIVE FUND SERVICES In the HFMWeek 2012 European Hedge Fund Services Awards, DB AFS was named the Best Fund Administrator for Managed Account Services. DB AFS has built and continuously enhances its managed account service platform to administer one of the largest managed account platforms in the world today. With the use of state-of-the-art technologies, as well as proprietary tools and web portals, DB AFS offers an industry leading managed account platform solution coupled with its award winning fund administration service offering. n 34 HFMWEEK.COM
IMS FUND SERVICES Add an extra pair of eyes to see the power of teamwork. • Directors to investment funds and other corporate vehicles • Share Trustee services (for management shares) • • Trustee services (to unit trusts) • Registered Office Services • Secretarial Services • • Ask about our other bespoke services • IMS Fund Services, a division of International Management Services Ltd (established 1974), is one of the largest and longest established offshore company management firms in the Cayman Islands. Our professional fiduciary team specialises in providing independent directors and officers to Cayman Islands hedge funds and other investment vehicles. IMS Fund Services P.O. Box 61, George Town Grand Cayman KY1-1002 Cayman Islands Tel: +1 (345) 945 0012 • e-mail: ims@candw.ky or visit our website: www.imsfundservices.com
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CAYMAN 2012 - HFMWeek

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