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Shadowed fund administration, managing hedge fund structures cost-effectively
Background
A New York City-based hedge fund, actively trading through multiple brokers and employing shareholder allocations with master-feeder structures, was on a quest for an integrated shareholder accounting and general ledger system. Their aim was to shadow their fund administrator’s work more effectively than their existing manual processes and spreadsheets allowed.
Objectives
- Find a cost-effective, integrated shareholder accounting and general ledger system.
- Streamline operations and utilize internal resources more efficiently by moving away from manual processes.
- Ensure the chosen software can handle the unique entity structures and fee calculations of the hedge fund industry.
- Maintain a parallel system to validate information and ensure accurate calculations by shadowing their external fund administrator.
Roadmap to objectives
Pinpoint the obstacle
Recognize the limitations of using manual processes and spreadsheets for shareholder accounting and general ledger purposes.
Research & discovery
Explore potential software solutions, with a serendipitous reference leading them to FundCount.
Evaluate & choose
Opt for FundCount due to its comprehensive features and integrated accounting capabilities.
Implementation & integration
Adopt FundCount to maintain the general ledger, shareholder allocations, and to streamline reconciliation processes.
Key results
Enhanced efficiency and reduced human error through direct feeds with custodians and their portfolio management system.
Achieved another level of independence from their administrator by identifying discrepancies using FundCount.
Successfully created timely and reliable reports, including custom modules for management fee calculations.
Anticipated further development work to cater to the firm’s specific needs in the future.
"FundCount gives us more control and it helps us identify things that we otherwise would not have been able to identify."
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