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ConvergEx Prime Services introduces new solution for managing liquid alternatives

First Published 5th November 2014

ConvergEx and Portfolioshop develop new service for managing liquid alternatives.

Douglas M. Nelson, executive managing director, ConvergEx Group

Douglas M. Nelson, executive managing director, ConvergEx Group

"We are excited to be offering our clients innovative new tools for the burgeoning liquid alternatives market."

New York - ConvergEx Group has announced a new service to help hedge funds and mutual fund companies manage liquid alternatives. Liquid alternatives are investment products that feature an alternative strategy that has been packaged into a mutual fund, ETF or other exchange-traded product.

Developed in cooperation with Portfolioshop Inc., a software development and data management firm based in New York, this new service provides daily reconciliation of complex data between the three parties that are required to support liquid alternatives: the trust bank, the prime broker and the fund administrator. This reconciliation helps to ensure accuracy and reliability of daily reports that can range from VAR analysis and stress tests, to details on performance attribution and analysis.

"Reconciliation between multiple custodians and administrators can be a big expense for any firm, especially for 40 Act registered funds that are required to use certain types of custodians. Our new service significantly simplifies this process, saving our clients time and money, and reducing staffing needs," said Douglas M. Nelson, ConvergEx Group executive managing director. "We are excited to be offering our clients innovative new tools for the burgeoning liquid alternatives market."