The recent dislocation of the hedge fund market is forcing a growing number of investment firms to adopt a multi-prime broker business model. Driven by the need to better control their funds, increase transparency and mitigate their counterparty risk, asset managers worldwide have been afforded precious little time to effectively address these fundamental operations.
Objecutive, a provider of software and services for financial services firms, today announced that its Fund-Studio portfolio management system has been selected to provide these fundamental operations for Haidar Capital Management, LLC. Haidar is a New York-based investment firm specializing in quantitative strategies for high net worth individuals, family offices, professional asset allocators and institutional investors. Haidar is leveraging Fund-Studio to automate middle office management functions – specifically to reduce operational risk through process automation and real-time reporting.
As Haidar’s database system became too rigid for its new software, the company recognized the need for an efficient system that could automate resource-intensive manual processes, handle its growth and fund operations, and establish connectivity with the prime broker and fund administrator.
“We evaluated several options for portfolio management, but the majority of solutions were either equity-oriented or order management systems – neither of which we needed,” stated Said Haidar, President and Chief Investment Officer of Haidar Capital. “Fund-Studio is ideal. It gives us the ability to run recognition services, shadow our administration and calculate our Profit and Loss by trade, strategy and fund.”
Costas Kellas, CEO of Objecutive, added, “Established investment firms such as Haidar Capital are under increasing pressure to provide responsive, detailed reporting both for existing investors and prospects conducting due diligence. Meanwhile, there’s an ongoing need for high-quality management and control capabilities – all while controlling operational costs. Fund-Studio will enable the cost-effective automation of a wide range of portfolio management functions – providing transparency, reducing risk and bolstering investor confidence.”
