Chris Momsen, senior vice president and general manager, global accounts and Tamale, Advent Software

Advent and Data Agent address Form PF compliance requirements

Advent Software has partnered with Data Agent to provide tools to help hedge funds and hedge fund administrators meet Form PF reporting requirements.

By working together, Advent and Data Agent bring together data, modern dashboards and easy-to-use management and sharing functionality to help reduce complexity, cost and the time required to meet new regulatory mandates.

The Dodd-Frank Act requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to gather information on investment managers’ private funds. In response, the SEC created Form PF for Registered Investment Advisers. The first Form PF quarterly filing deadline is 29 August 2012 for registered investment advisers with regulatory assets under management over USD5bn, while the majority of hedge funds face an initial filing deadline in 2013.

Butterfield Fulcrum, a fund services provider, has installed the Data Agent Form PF reporting tool which extracts data from their Geneva platform, reducing client preparation and filing time.

“To accurately complete Form PF, firms must not only gather significant amounts of data from multiple systems and make numerous calculations, but also aggregate specific data and transform it into an XML format for submission to FINRA, all within tight reporting deadlines. Without the proper software tools, this already complicated project could consume an enormous amount of time and effort,” says Chris Mulhern, chief operating officer and president, Butterfield Fulcrum. “We’ve been using Advent’s Geneva for many years and are impressed with their commitment to addressing Form PF. The combination of Data Agent’s financial technology software and Advent’s market leading general ledger software has resulted in an institutional quality Form PF software solution that is superior to others in the market.”

The Data Agent integrated Form PF reporting tools can be implemented as standalone products via a software-as-a-service (SaaS) model, or as a module deployed onsite. The Form PF SaaS option eliminates the need for new hardware and software licensing, offering clients a cost-effective option to help meet the Form PF filing requirements. The web-based interface makes it possible for clients to securely view, track, manage, approve and file Form PF.

“Geneva is the most important application running in most of our clients’ environments. We are proud to be recognised by Advent as the premier supplier of Form PF data management and reporting services. The technical expertise and support we are receiving from the relationship with Advent allows Geneva clients to seamlessly integrate with our Form PF service resulting in lower cost and quicker implementation of Form PF,” says Kelli Brown, director of private funds for Data Agent.

“Advent is committed to delivering advanced solutions to help our clients offer superior client service, support the growth of their businesses and get their jobs done faster, smarter and with ease,” says Chris Momsen (pictured), senior vice president and general manager, global accounts and Tamale, Advent Software. “The financial services industry is dynamic, and we have a clear perspective on how technology can help address some of the challenges related to changes and trends. These tools for Form PF compliance are an example of how we are using new, cloud-based technology and working with other industry leaders to support our clients’ ability to meet the demands of regulatory reporting requirements while controlling costs.” 

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