SS&C GlobeOp launches hybrid services team 06 March 2015London Reporter: Stephanie Palmer
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SS&C GlobeOp has created a new group to support fund administration, accounting and reporting for hybrid fund structures.
The new unit comes as a response to the increasing popularity of converging asset classes of hedge funds and private equity-style closed-end funds, which are traditionally kept separate.
More funds are starting to include fixed-income assets such as bank loans and distressed debt held in a private equity structure, with a waterfall mechanism and capital calls.
Additionally, some large asset managers will hold both hedge and private equity-style funds, and so seek common systems to manage reporting formats, investor information and workflow.
A spokesperson for SS&C GlobeOp customer William Harris Investors (WHI), said: “WHI has been very pleased with SS&C’s expertise, breadth of experience and overall quality of service. We have been able to leverage SS&C’s powerful technology to meet our reporting and analytical needs.”
“The importance SS&C places on clients’ needs, along with its flexibility and versatility in dealing with multiple types of complex entities, confirms we made the right decision engaging SS&C as our fund administrator.”
SS&C has considerable experience in servicing complex funds and has automated accounting rules, fee parameters and other technical features already in place for them.
The new group will be led by vice president George Schnell, and will be responsible for setting up automated workflows, facilitating funds and consulting on structuring and other issues. It will also target the delivery of services to the growing market.
Renee Mooney, senior vice president for SS&C GlobeOp, said: “Formalising SS&C GlobeOp’s organisation, which delivers myriad products and services aimed at complex, hybrid structures, will allow us to better serve this universe of funds.”
He added: “George Schnell has 15 years’ experience in dealing with these structures and he brings a talented team of accounting, finance, legal and technology professionals to deliver world-class solutions.”
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