Objecutive, a provider of software and services for investment management firms, has announced that its Fund-Studio portfolio management system has been selected by LibreMax Capital, LLC to manage its front, middle and back office operations. LibreMax, founded in 2010 by former Deutsche Bank executives Greg Lippmann, Fred Brettschneider, Jordan Milman and Eugene Xu, is a New York-based hedge fund manager specializing in securitized products. With a current AUM exceeding $475 million, LibreMax Capital was recently recognized as one of the largest hedge fund launches in 2010.
Understanding their need for an all-encompassing portfolio management system, LibreMax chose Fund-Studio for its ease of implementation, comprehensive coverage across multiple asset classes and real-time reporting capabilities for investment, P&L and risk.
“In our rigorous review of vendors we found that Fund-Studio could do everything that others offered—plus more,” said Robert Ervin, CFO of LibreMax. “The software’s report writing capability was especially compelling and has proven to be an efficient way to analyze the portfolio and shadow our administrator’s books and records. Not only does Fund-Studio generate critical reporting in real-time, but it does so automatically. We’re able to deliver key accounting and risk reporting while keeping overhead costs low, making us a more efficient firm.”
Mr. Ervin noted additional advantages of Fund-Studio as being the ability to capture and report positions and trades electronically to the funds’ custodian, prime brokers and administrator via secure FTP sites, as well as its ability to perform reconciliations with the funds’ custodian, prime brokers and administrator.
“Fund managers today are more reliant than ever on ready access to full knowledge of fund conditions and portfolio data,” said Objecutive CEO Costas Kellas. “We’re excited to work with an emerging firm such as LibreMax to help them gain the continuous control and manageability that will reduce operational risk and improve reporting capabilities and regulatory preparedness.”
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