Northern Trust Hedge Fund Services has launched an online regulatory module to streamline the preparation and submission of Form PF filings.
The new tool will support clients in meeting Form PF and other emerging regulatory requirements through a combination of technology, consultative support, and data aggregation and reporting services.
The new module provides an interactive, online workflow tool for compiling, reviewing, and finalising Form PF filings, which are intended to disclose data on holdings and risk exposures within private funds as required by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
Fully integrated with the Hedge Fund Passport application suite, the regulatory module leverages the Northern Trust Hedge Fund Services platform’s single data set and strategy and asset tagging capabilities to offer clients a complete and customised portfolio view.
“Form PF requires data from multiple sources, with many questions open to interpretation, making the filing process both complex and labour intensive,” says Peter Sanchez, chief executive officer of Northern Trust Hedge Fund Services. “This tool leverages the power of our technology to help clients address that complexity efficiently, without sacrificing the ability to customise data around their needs.”
The regulatory module presents a dynamic online version of Form PF that conforms to each client’s filing structure. Users have the ability to navigate each section of the form and view responses as they will appear in the final submission. Custom strategy and attribution tags are applied to securities and positions to help categorise holdings data, and calculation methodologies for each question can be adjusted based on the client’s assumptions, with access to the underlying data supporting each calculation. Northern Trust Hedge Fund Services staff and clients will use the application as a collaborative workflow tool, streamlining the process of drafting, reviewing, and finalising Form PF filings.
“This new capability illustrates how technology can help clients address complex reporting challenges presented by a range of new regulatory regimes, starting with Form PF,” says Jeff Boyd, chief operating officer of Northern Trust Hedge Fund Services. “Regulatory requirements are putting new pressures on alternative fund managers. By approaching regulatory compliance holistically, we can alleviate much of the burden so clients can focus on investment strategy, fund performance and their clients.”