Apex Fund Services, a fund administration business, has launched a middle office fund administration service that gives hedge funds a real-time portfolio management system.

Apex has licensed Nirvana Solutions’ Software as a Service platform to provide hedge fund managers of all sizes with bespoke, real-time risk and profit and loss information services.

At the touch of a screen Nirvana will provide a fully hosted and managed interface for hedge fund managers, whilst Apex, via its global network, will provide a suite of reconciliation and administration services in real-time.

In addition to ensuring managers fulfill their compliance and regulatory requirements in a more transparent way, Apex’s MOOR (Middle Office Operational Risk) service allows hedge fund managers to mitigate portfolio risk, counterparty risk and operational risk within one solution.

The service is free to existing investment manager clients.

Peter Hughes, managing director of Apex Fund Services, says: “Once again Apex has demonstrated its ability to provide cutting-edge and value-adding services to our clients with the launch of the world’s first real-time Middle Office service. Working with Nirvana we continue to empower fund managers by absorbing many of their administration duties allowing them to focus on what they do best; investing.”

Steve Lewczyk, co-founder, Nirvana Solutions, adds: “We are delighted to be working with Apex to ensure that its hedge fund clients have continued access to state-of-the-art, affordable, real time risk and portfolio management solutions. By combining Nirvana’s software with Apex’s global reach, hedge funds of all sizes and geographies can experience the operational benefits and cost advantages of real time solution for managing risk, growth and compliance.”