New York, NY (HEDGECO.NET) – The Bank of New York is gearing up to introduce its new hedge fund record keeping platform. According to the bank, the new platform will accommodate both the partnershipfunctions as well as those of the shareholders, all in one system. The new product will also allow fund managers to maintain partnership records, as well as records of on-shore US products.
The BONY product will accommodate shareholder structures, in addition to offshore products. Jeff Bieselin, senior vice president of global fund services at BNY, said, “We think the technology is very important to the hedge fund in terms of how it manages data and information needs,” Bieselin, added, �other firms do not offer the technology�.
The new system provides a �one stop shop� for all portfolio protocol, in a consolidated format. This process eliminates all other processes that would have been performed prior to the introduction of the platform, in order to achieve such multiple applications. It will help fund managers to easily �identify positions across the two types of funds and sell them.�
The system has been in developmental stages during the past couple years. It intends to facilitate trading procedures for managers, and aid them in achieving efficiency in asset allocation. The Bank of New York did not however disclose when the system would become available.
Paul Oranika
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