Backstop Solutions is to integrate its innovative investment partnership management software with HedgeOp's web-based compliance platform.
The alliance plans to enable hedge funds and funds of hedge funds address rapidly evolving compliance and operational challenges, while also effectively managing client relationships, accounting, investment research, asset allocation and reporting processes.
Jeremie Bacon, Chief Executive Officer of Backstop Solutions Group, said: "Regulatory compliance is one of the most important issues currently faced by the hedge fund industry. All leading investor management systems, including Backstop, allow managers to profile investors, store documents and monitor workflow but the combination of HedgeOp and Backstop provides a deeply comprehensive platform for managing regulatory and operational concerns."
As of February 1, 2006, most hedge fund managers must be registered as investment advisors with the SEC, and must be in compliance with the applicable requirements under the Investment Advisers Act.
William G. Mulligan, Jr, Chairman and CEO HedgeOp Compliance, said: "A solid compliance and business infrastructure can accelerate workflow and help increase operational efficiencies, key goals for any fund seeking to build a prudent, effective business that ensures that the interests of their investors are adequately protected."
Background notes: Backstop Solutions Group, LLC was founded by professionals from the asset management and hedge fund communities, and is the first provider of Investment Partnership Management (IPM) software for hedge funds, funds of funds, and family offices.
The Backstop Software platform integrates portfolio management and accounting, manager due diligence, partnership allocation, client relationship management, and reporting into one package.
HedgeOp Compliance, LLC focuses exclusively on helping hedge fund and fund of hedge fund managers meet their compliance and SEC-registration challenges. The firm offers web-based compliance tools and specialised compliance consulting services designed to assist managers in dealing with the heightened regulatory environment.
HedgeOp Compliance consists of a team of qualified professionals with a wide array of hedge fund, legal and technology experience, as well as customer support and outsourced IT support staff.
The HedgeOp Web-Based Platform streamlines & integrates applicable compliance reporting into hedge fund operations, and generates a tailored compliance "road map" for hedge funds and funds of funds. The platform enables managers to easily monitor both fund statistics and ongoing compliance responsibilities by sending out automatic email reminders; subscribers then generate monthly and quarterly reports which demonstrate adherence to their compliance procedures and calculate key compliance figures.
HedgeOp's broad range of compliance solutions provide the practical insight and resources necessary to prepare a firm for today's heightened regulatory environment.
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