HedgeOp Compliance, a provider of compliance software and consulting services for alternative asset managers, has entered into an alliance with Strata Fund Services, a full-service administrator to the alternative investment industry, to provide Strata with its ComplianceTrak software platform.

Strata will use the software to service its clients and enhance its compliance offerings.

"We were looking for an efficient and cost effective way to enhance our compliance offerings to asset managers, and increase the number of clients we can service. ComplianceTrak, with its patented automated technology, will allow us to undertake, on a large scale, the reporting, monitoring and tracking functions that our clients need to demonstrate compliance," says Sam Seaman, executive director at Strata.

ComplianceTrak is a customisable web-based system that guides end users - either fund administration staff or asset managers themselves - as they capture information necessary for compliance.

Patented in December 2008, the tool's workflow technology enables users to provide the level of detail they require to improve transparency and address greater demands from investors and regulators.

"With registration imminent for many funds, and the possibility of increased disclosure requirements, we are seeing very strong demand, from both managers and fund administrators, for automated tools to simplify and streamline the compliance process," says Bill Mulligan, chief executive, HedgeOp Compliance. "We are delighted that Strata will be using our software to increase the level of service they are offering to their alternative asset management clients."