Prime Fund Solutions, the former Fortis division in the process of being acquired by Credit Suisse, has launched a front, middle and back office service for fund of hedge funds managers.
The new service combines Prime Fund Solutions’ operational capabilities with technology developed in conjunction with Comada.
The platform, called PFS Horizon, will allow fund of funds to manage the entire investment process through one interface.
The service facilitates online trade execution with post trade monitoring and reporting; position analysis with drill down to investment activity details and cash movements; cash forecasting/projection with future liquidity profile; and investment information including withdrawal terms, lockups and optional exits, redemption holdbacks, gates, fee terms and side letters.
PFS Horizon will bring funds of funds a full transaction-based custody portfolio and investment management system. With the objective of providing fund managers with efficient straight through processing, PFS Horizon will use direct interfaces to harmonise a range of business critical operations, including the handling of portfolio assets, due diligence, trading, pricing and reconciliation. It uses a single point of control to allow a manager to oversee the entire investment lifecycle, actual and hypothetical, from start to finish.
Erik Jens, chief executive of Prime Fund Solutions, says: “We have been a pioneer in the fund of hedge fund industry since taking on our first client in 1969. PFS Horizon is the latest in a long list of innovative products and services that we’ve developed to assist our clients in building their businesses. We believe this new technology represents a significant step forward in the fund of hedge funds middle office and reporting arena. Our ability to provide greater transparency, asset safety, and robust infrastructure are key to the success of our fund clients as businesses.”
Following the merger of Fortis and ABN Amro on 1 July, Prime Fund Solutions is currently part of ABN Amro, owned by the Dutch state. Prime Fund Solutions is due to be acquired by Credit Suisse before the end of the year.