Paladyne Systems, Inc., a services provider for the hedge fund industry, has licenced its PALADYNE product to Symphony Asset Management LLC, an investment advisor to a number of institutional accounts.
Symphony has licenced the PALADYNE product to as its centralised reference and market data repository and firm-wide data warehouse and custom reporting solution. Symphony has also licenced Paladynes Integration Manager for integrating the PALADYNE product with its existing data vendors and internal applications.
Symphony will implement Paladyne Security Master as its centralized repository for global security terms and conditions including all listed and OTC security types as well as corporate actions; Paladyne Price Master as its centralised market data repository for time series analytics, rules-based pricing and valuation, and compliance reporting; and Paladyne Analytics Master as its firm-wide data warehouse and centralised reporting system.
Symphony will use Paladynes Integration Manager to collect and store data from multiple data vendors, and for posting data into its accounting system, Advent Geneva, as well as into its order management and loan management systems.
“Centralising reference data and insuring the consistency of this data across a disparate set of applications is a significant challenge facing most hedge funds and one that it is manually intensive and error prone. By using the PALADYNE suite of products and integration tools, we expect to have a complete middleware infrastructure that consolidates our firm-wide data and integrates with all of our data vendors and existing front, middle, and back-office applications,” says Neil Rudolph, COO, Symphony Asset Management.
“We are excited to have Symphony as part of our growing client base and look forward to helping Symphony continue its successful track-record with more streamlined operational processes. The significant increase in demand for our middleware products over the past year signals a strong industry focus on centralised reference and market data and consolidated reporting,” adds Sameer Shalaby, CEO, Paladyne Systems.
Paladyne and Symphony are currently working to implement the PALADYNE product.