Advent and Data Agent partner to address form PF compliance requirements
First Published 24th July 2012
Butterfield Fulcrum deploys combined solution to help fund administration clients
Chris Momsen, Senior Vice President and General Manager, Global Accounts and Tamale, Advent Software
"Advent is committed to delivering advanced solutions to help our clients offer superior client service, support the growth of their businesses and get their jobs done faster, smarter and with ease."
London - Advent Software has announced a collaboration with Data Agent, LLC to provide tools to help hedge funds and hedge fund administrators meet Form PF reporting requirements. The tools offer a platform designed to address highly specialized Form PF filing requirements. By working together, Advent and Data Agent aim to provide high quality and reliable data, modern dashboards and easy-to-use management and sharing functionality to help reduce complexity, cost and the time required to meet new regulatory mandates.
The Dodd-Frank Act requires the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") to gather information on investment managers' private funds. In response, the SEC created Form PF for Registered Investment Advisers. The first Form PF quarterly filing deadline is August 29, 2012 for Registered Investment Advisors with regulatory assets under management over $5 billion, while the majority of hedge funds face an initial filing deadline in 2013.
In preparation for this reporting process Butterfield Fulcrum, the independent fund services provider, has installed the Data Agent Form PF reporting tool which extracts data from their Geneva® platform.
"To accurately complete Form PF, firms must not only gather significant amounts of data from multiple systems and make numerous calculations, but also aggregate specific data and transform it into an XML format for submission to FINRA, all within tight reporting deadlines. Without the proper software tools, this already complicated project could consume an enormous amount of time and effort," said Chris Mulhern, Chief Operating Officer and President, Butterfield Fulcrum. "We've been using Advent's Geneva® for many years and are impressed with their commitment to addressing Form PF. The combination of Data Agent's financial technology software and Advent's market leading general ledger software has resulted in an institutional quality Form PF software solution that is superior to others in the market."
"Geneva® is the most important application running in most of our clients' environments. We are proud to be recognized by Advent as the premier supplier of Form PF data management and reporting services. The technical expertise and support we are receiving from the relationship with Advent allows Geneva® clients to seamlessly integrate with our Form PF service resulting in lower cost and quicker implementation of Form PF," said Kelli Brown, Director of Private Funds for Data Agent.
"Advent is committed to delivering advanced solutions to help our clients offer superior client service, support the growth of their businesses and get their jobs done faster, smarter and with ease," said Chris Momsen, Senior Vice President and General Manager, Global Accounts and Tamale, Advent Software. "The financial services industry is dynamic, and we have a clear perspective on how technology can help address some of the challenges related to changes and trends. These tools for Form PF compliance are an example of how we are using new, cloud-based technology and working with other industry leaders to support our clients' ability to meet the demands of regulatory reporting requirements while controlling costs."