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Internal infrastructure is key to multi-prime strategies, says Advent

Advent Software, a provider of software and services to the investment management industry, has hosted a series of events to educate hedge fund managers on the effective implementation of multiple prime broker strategies.

More than 200 alternative asset industry participants took part in the events, which included panel discussions in New York and London in late November, as well as an online webinar.

Advent says it presented the events in response to increasing industry interest in the multi-prime approach.

Funds of USD1bn or more often diversify their prime brokerage relationships, both to mitigate risk as well as to take advantage of specialised services and capabilities.

Due to recent market conditions, funds as small as USD100m are looking at ways to mitigate risk through a multi-prime approach.

The Advent events were designed to explain why more funds are moving to the multi-prime model and what it requires in the way of infrastructure and technology.

According to event panelists with multi-prime experience, the critical component for success is the ability to aggregate data from multiple sources and different formats into a single reporting platform.

Advent says its Geneva global portfolio management and accounting platform is an example of a solution that can help firms make the transition to a multi-prime environment, with consolidated reporting across all asset classes and counterparties.

Chris Momsen, senior vice president and co-head of global accounts at Advent, who moderated the live discussions, says: 'The response to these events and our webinar shows that fund managers are eager to hear about the multi-prime model. We were fortunate to bring together some high-level industry experts to provide valuable insights and advice. And with Geneva, Advent can also make it easier for firms to adopt a multi-prime approach, a model which ultimately enables firms to be more efficient.'

Geneva is specifically designed for managing complex global fund strategies involving multiple asset classes and currencies.

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