Investment managers demand reconciliation
05 August 2013 Boston
Image: Shutterstock
Increased client demand for straight-through reconciliation services has made Smonik Investment Systems upgrade its systems to allow for 24/7 support.
The back-office solutions provider doubled its client base in 2013, and now provides reconciliation services to five of the top 10 hedge funds in Boston. Clients range from start-up to multibillion-dollar hedge funds, as well as fund of funds and fund administrators.
The firm attributed its recent growth to investment managers increasingly looking to streamline operations by automating middle- and back-office workflows around data management, trade reconciliation and reporting.
Smonik has also recently increased staff in its Boston and India offices by 10 percent to support client demand for custom development and support for its middle-and back-office platform solutions, Smonik RECON, Smonik DMS, Smonik TAX and Smonik SRP.
Smonik RECON is a solution for straight-through processing of trade reconciliation, from data retrieval from third-party brokers, custodians and administrators to automated matching to exceptions management.
The firm also provides Smonik DMS—which aims to simplify data management through automated data retrieval and data normalisation across multiple sources and formats—and the TAX platform, which helps fund managers to streamline the tax reporting process.
“The industry has long invested in automation for front-office processes, which has generated significant returns,” said Tristan Rock, managing director of Smonik.
“We’re now seeing firms begin to apply the same approach to the middle- and back-office. We’ve developed Smonik RECON specifically to support middle- and back-office workflow automation, which saves time and money, while also reducing the risk of human error. The net result is that our clients can invest more of their resources into focusing on their core business of investment management.”
The back-office solutions provider doubled its client base in 2013, and now provides reconciliation services to five of the top 10 hedge funds in Boston. Clients range from start-up to multibillion-dollar hedge funds, as well as fund of funds and fund administrators.
The firm attributed its recent growth to investment managers increasingly looking to streamline operations by automating middle- and back-office workflows around data management, trade reconciliation and reporting.
Smonik has also recently increased staff in its Boston and India offices by 10 percent to support client demand for custom development and support for its middle-and back-office platform solutions, Smonik RECON, Smonik DMS, Smonik TAX and Smonik SRP.
Smonik RECON is a solution for straight-through processing of trade reconciliation, from data retrieval from third-party brokers, custodians and administrators to automated matching to exceptions management.
The firm also provides Smonik DMS—which aims to simplify data management through automated data retrieval and data normalisation across multiple sources and formats—and the TAX platform, which helps fund managers to streamline the tax reporting process.
“The industry has long invested in automation for front-office processes, which has generated significant returns,” said Tristan Rock, managing director of Smonik.
“We’re now seeing firms begin to apply the same approach to the middle- and back-office. We’ve developed Smonik RECON specifically to support middle- and back-office workflow automation, which saves time and money, while also reducing the risk of human error. The net result is that our clients can invest more of their resources into focusing on their core business of investment management.”
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