Cogency Software, a provider of integrated management solutions for the alternative investment industry, has signed two more new clients for its Fund of Hedge Funds Insight application. This brings to six the number of such new relationships in the past few months and seven in total since Cogency shifted its marketing focus to the fund of hedge funds sector in mid-2006.
Alternative Investment Group, an independent investment management firm headquartered in Southport, Connecticut, signed with Cogency to provide fund and partnership accounting products. The firm, which has over USD1 billion in assets under management, anticipates completing implementation within the first quarter of 2007.
“We undertook a thorough evaluation of all potential, competitive solutions in the marketplace, and concluded that Cogency’s answers to our accounting needs made them the clear choice in this space,” says Marita Wein, a partner at the Alternative Investment Group.
Florida-based Collins Capital became the latest Cogency fund of funds client, selecting its Fund of Hedge Funds Insight application for investor management, portfolio & partner accounting, portfolio due-diligence & monitoring and compliance.
“Our strategic needs were twofold; Collins was seeking the most comprehensive suite of solutions available to meet the full needs of a sophisticated, diverse alternative investment firm, with a strong driver being partnership and portfolio accounting software,” adds Dorothy C. Weaver, the Chairman of Collins Capital. “We spent 18 months reviewing every available alternative in the marketplace, and at the end of the day, Cogency was the only viable choice.”
Collins Capital’s implementation will be comprised of three phases, with phase one expected to be operational in the first quarter of 2007. Full implementation of the Cogency Fund of Hedge Funds Insight(tm) offering will be concluded within the next six months.