Multifonds new capabilities for hedge fund administration
08 December 2010 Luxembourg
Image: Shutterstock
Multifonds, a leader in single-platform multi-jurisdictional investment fund software, has responded to the changing demands of fund administration for hedge funds with impressive new functionality.
The distinction between hedge funds and traditional mutual funds continues to be eroded, as hedge funds are looking for more regulated structures to facilitate upcoming trends and directives such as the Alternative Investment Fund Manager Directive (AIFMD). Similarly, traditional mutual fund managers are increasingly incorporating hedge fund-style performance fees into their charging structure, hence the growing demand for alternative UCITS – the so-called “NEWCITS” funds.
Keith Hale, Global Head of Transfer Agency at Multifonds, said: "Fund administrators and fund managers need increasing flexibility to respond to the changing needs of hedge fund administration. Examples of this include performance fee equalisation and series of share processing, to ensure that incentive fees are fairly allocated between all the investors in a fund.”
The latest release of Multifonds Transfer Agent v3.60, which is launched today, includes 12 significant extensions to the hedge fund, performance fee equalisation and series of share functionality. For example, it includes extensions to dividend distribution capabilities for equalisation or series of shares funds, as well as the ability to on-board funds between crystallization periods by catering for the migration of performance fee history.
“We have been working closely with several fund administrators that had previously run legacy in-house systems, and moving them onto Multifonds Transfer Agent. As a result we are consolidating the processing and supporting platforms of their hedge and UCITS funds,” said Hale.
The distinction between hedge funds and traditional mutual funds continues to be eroded, as hedge funds are looking for more regulated structures to facilitate upcoming trends and directives such as the Alternative Investment Fund Manager Directive (AIFMD). Similarly, traditional mutual fund managers are increasingly incorporating hedge fund-style performance fees into their charging structure, hence the growing demand for alternative UCITS – the so-called “NEWCITS” funds.
Keith Hale, Global Head of Transfer Agency at Multifonds, said: "Fund administrators and fund managers need increasing flexibility to respond to the changing needs of hedge fund administration. Examples of this include performance fee equalisation and series of share processing, to ensure that incentive fees are fairly allocated between all the investors in a fund.”
The latest release of Multifonds Transfer Agent v3.60, which is launched today, includes 12 significant extensions to the hedge fund, performance fee equalisation and series of share functionality. For example, it includes extensions to dividend distribution capabilities for equalisation or series of shares funds, as well as the ability to on-board funds between crystallization periods by catering for the migration of performance fee history.
“We have been working closely with several fund administrators that had previously run legacy in-house systems, and moving them onto Multifonds Transfer Agent. As a result we are consolidating the processing and supporting platforms of their hedge and UCITS funds,” said Hale.
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