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GlobeOp has launched hosted services for Advent's portfolio management and fund accounting solution Geneva, offering hedge funds an outsourcing solution that aims to reduce fund time to market and execution risks.
Customised hosted and full platform conversion services are available on a standalone basis or integrated within GlobeOp's middle- and back-office, fund administration and managed services packages.
"GlobeOp is uniquely positioned to support hedge fund managers seeking a hosted Geneva solution as an alternative to building and maintaining their own IT infrastructure," says Ron Tannenbaum, GlobeOp co-founder. "As one of Advent's largest single customers, GlobeOp deploys significant in-house technical expertise to support one of the largest Geneva databases outside Advent. We produce more than 25,000 daily Geneva reports for our clients. In addition, GlobeOp has completed more than 200 conversions from a broad range of systems to Advent Geneva, including an USD8bn client."
GlobeOp's hosted Geneva services enable clients to outsource systems infrastructure, tasks and personnel requirements while reducing operational costs and risk. Data centre facilities and hardware monitoring are provided within GlobeOp's two active-active, SAS 70 Type ll-environment data centers. Hosted service packages can be customised to respond to a range of business requirements.
GlobeOp offers a flexible service model that can include system conversions, hosting, security master maintenance, position valuations, reporting, on-site support, disaster recovery and reconciliation to fund administrators, prime brokers and counterparties.
"Geneva is the gold standard for hedge fund and alternative investment accounting," says Tom Zdon, vice president of business development at Advent. "This exciting new strategic relationship with GlobeOp increases the potential for firms of all sizes and strategies to leverage Geneva to improve their operations, reduce risk, and increase top line revenue. Geneva is ideally suited for delivery in a hosted environment, offering clients lower implementation risk, faster conversion times, and reduced need to manage technology and integration in-house."
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