ConvergEx Launches Liquid Alts Reconciliation Tool for Service Provider Data

ConvergEx has launched a new service in cooperation with software development and data management firm Portfolioshop to help hedge funds and mutual fund companies manage liquid alternatives.

The new service provides daily reconciliation of complex data between a liquid alts fund’s custodian, prime broker fund administrator. This reconciliation aims to provide greater accuracy and reliability of daily reports such as value at risk (VaR) analysis. stress tests, and details on performance attribution and analysis.

“Reconciliation between multiple custodians and administrators can be a big expense for any firm, especially for 40 Act registered funds that are required to use certain types of custodians. Our new service significantly simplifies this process, saving our clients time and money, and reducing staffing needs,” says Douglas Nelson, ConvergEx Group executive managing director.