PerTrac has launched a new service that offers hedge fund administrators the ability to deliver performance tear sheets to their hedge fund clients, including how well the funds performed relative to benchmarks. Hedge fund managers can offer these alternative tear sheets to investors as independent, third-party verification of their hedge fund performance.
The new solution, called PerTrac Reporting-as–a-Service (RaaS), debuts at a time when institutional investors are demanding more transparency and independent verification of performance results from hedge funds.
"Transparency, governance and independence in the assessment and reporting of all performance related measurements and processes continue to be the main concern of every institutional investor," says Lisa Corvese (pictured), Managing Director for Global Business Strategy at PerTrac.
Accessible via a cloud-based service, PerTrac RaaS frees fund administrators from the time and expense of calculating performance measurements and producing customised reports. PerTrac supplies the analytics and the reports which enable fund administrators to generate customised performance reports for each of their hedge fund clients within the fund administrator’s platform or portal.
Fund administrators are responsible for the books and records of their hedge fund clients. They compute a hedge fund’s profits and losses and keep track of monthly or quarterly NAV, accounting for investor contributions and withdrawals. PerTrac RaaS standardises the performance reporting, which will make comparing apples to apples that much easier for both hedge fund managers, who want to see how well they are performing relative to their peers, and for hedge fund investors.
Butterfield Fulcrum, a leading independent fund administrator with more than 800 hedge fund clients, is one of the first fund administrators to take advantage of PerTrac’s new RaaS service. Butterfield Fulcrum has fully integrated this new service to their recent infrastructure upgrades which now span from trade execution to daily NAV reporting.
"The ability to provide these clear and comprehensive fact sheets to our hedge fund clients, and ultimately to their investors, is another step forward in creating more transparency and trust in the hedge fund industry," says Blair Henderson, Managing Director of Marketing at Butterfield Fulcrum.