Trema, the software house, announced today that Discovery Capital Management, a hedge fund based in South Norwalk, Connecticut, has selected Trema Finance KIT. Discovery will be the first hedge fund in the US to benefit from Trema Finance KIT’s straight-through processing, risk management and real-time capabilities.
Discovery manages capital of approximately USD 800 million globally in multi-asset class investments in emerging markets. Discovery, in its flagship fund, the Global Opportunity Fund, takes positions in the equity debt and currency markets in over 20 countries and takes a very disciplined approach to risk management of these positions. To successfully manage this portfolio Discovery’s system requirements are among the most demanding of any hedge fund in the world.
Selection for a system started in February 2002 with a list of criteria including, among others, the ability to perform real-time profit and loss reporting and true straight-through processing capabilities. Discovery conducted an extensive survey of nearly sixty systems on the market. Discovery identified Trema Finance KIT as the best match for its requirements and will implement the full functionality covering the front, middle and back office.
Harry Krensky, founding partner of Discovery comments, “Discovery’s ability to consistently deliver good results is due largely to the highly systematic and disciplined process we use, particularly in regard to our approach to risk management. Over the years we have grown our portfolios and at the beginning of 2002 we saw the need to implement a system that would grow with us and properly support our business. With Finance KIT there is no need for additional development work, we can just implement and start benefiting from its STP and real-time capabilities. Trema Finance KIT matches our needs extremely well.”
Pivi Karesjoki, Head of Asset Management Segment, Trema, comments, “Finance KIT is an excellent tool for the hedge fund market with advanced risk measurement capabilities, an extensive list of instruments and, importantly for Discovery, real-time profit & loss. To be selected by Discovery is proof that Trema Finance KIT’s functionality ideally matches the requirements of hedge funds. Discovery is highly regarded in the hedge fund community and has a long and successful history. We are excited to be working with them. This is also an important opening for us in the hedge fund and asset management market in the US.”