Draycott Group has launched an enhanced version of FundVault, its secure online 24/7 document delivery service for new hedge funds.

Specialist back and middle office outsourcing firm Draycott Group, which focuses on new and young hedge funds and funds-of-funds, last week announced an enhanced version of FundVault, an online, hedge fund-focused service for the delivery of documents for fund reporting and due diligence.

Joe Sovran, a Director of Draycott Group in London, said: "In order to provide highly professional and responsive reporting to investors today the trend is firmly towards electronic delivery of fund information. Fund managers now understand the benefits of outsourcing document delivery to a dedicated organisation, and FundVault provides a excellent platform and set of complementary services for Hedge Funds."

Sovran continued: "However, FundVault is not just a software-enabled platform - it is a complemented by hands-on, personal 24/7 service to take on administrative tasks, to ensure that the user experience is flawless, and to maintain security and integrity at all times. As a services organisation, with long experience in the alternative asset sector, we understand the needs of hedge fund managers who want the service adapted to their needs not the other way around. FundVault,, and indeed our entire organisation is geared to meeting these needs. We realise that most managers have existing systems, and our service includes all assistance in migrating documents on to our systems - whatever format they be in - electronic or paper."

Through Draycott Fund Services, Draycott Group provides outsourced fund services to managers of Alternative Assets. For the hedge fund industry, this includes back office services such as Fund Administration and Accounting.

Middle office services include building, verifying and maintaining models and track record and valuation information, and providing VAR and NAV calculations and statistical maximum loss computations for hedge fund and hedge fund of funds portfolios. The FundVault document delivery and repository service complements these.

With a presence in the UK and a fully-owned subsidiary in India, Draycott believes its service "is highly competitive and has a unique core competency in the area of hedge funds".

Draycott's states its services are targeted at "new and younger managers, who from the earliest stage can offer best-of-breed services to their investors and potential investors, services that are comparable and potentially even better those offered by larger rivals."