Harmonic Fund Services, an independent fund administration and alternative asset fund servicing firm, has gone live with Finastra’s Fusion Loan IQ solution.
Fusion Loan IQ was selected for its ability to handle complex debt-related transactions and very large syndicated loan deals.
The firm has leveraged the platform to provide a new loan administration and agency service to its diverse alternative investment funds client base.
Harmonic clients can now service complex syndicated and bilateral loans with Fusion Loan IQ.
Traditionally, the platform was used to service banks and services providers’ bilateral, specialised and syndicated loan portfolios.
John Wolfe, director, Harmonic Fund Services, commented: “Our customers have sophisticated needs, and when it comes to loan admin servicing that is no exception.”
He continued: “With Fusion Loan IQ, we will be able to expand our services to meet the growing lending needs of our fund administration clients.”
“This will be a highly complementary offering to our existing and well established private debt administration and back/middle office support operations.”
Chris Zingo, managing director, Americas, enterprise markets, Finastra, said: “Harmonic Fund Services is demonstrating how products traditionally used by banks can be implemented in other areas of financial services.”
He added: “This approach to technology is bringing a sought-after service to the fund administrator’s end users, whilst expanding Harmonic’s vertical debt servicing platform.”
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