The Bank of New York has created a data warehouse for funds of hedge funds aimed at providing an automated and secure solution for meeting the real-time information needs of managers.
Brian Ruane, executive vice president at The Bank of New York, said: "As a global leader in hedge fund administration, we deliver advanced product and service offerings to this complex asset class. The development of this pioneering data warehouse showcases our strategic focus on providing innovative, end-to-end technology solutions that improve the effectiveness and efficiency of our hedge fund clients."
The data warehouse, which is housed within the Bank's technology platform for hedge funds known as Praeeo, allows the Bank to cover a full range of reporting and transactions required by funds of hedge funds.
Through the new enhancements, the platform provides consolidated reporting and distribution capabilities, transparent trade work flow management, position maintenance at a tax-lot level, data enrichment, document management, and significant operational efficiency. It also maintains contact information for parties of interest and can act as a state-of-the-art storage resource for business records that enables a client to store data about its fund structures, financial statements and dealing forms.
Ruane said the Bank has begun a systematic roll-out of the data warehouse capabilities to existing clients, which it expects to complete by the end of the year.
The Bank of New York is one of the largest hedge fund administrators in the world. Hedge fund assets under administration have grown from USD 16 billion in 1999 to more than USD 65 billion today.