Following the release of the final version of Form PF by the SEC and the CFTC, ConceptONE the data aggregation and risk reporting firm is launching tools to help private funds comply with the new documentation requirement, including a specialized data warehouse and proprietary calculation library.
Form PF requires advisers to private funds, such as hedge funds and private equity funds, to report particular details of their funds that previously were not required to be disclosed. The form follows a mandate in Dodd-Frank that gives the Financial Stability Oversight Council insight into the activities of advisers to private funds.
Form PF is an intricate and detailed exercise in data aggregation, portfolio analytics and the corresponding reporting, and presents significant challenges for investment managers and their service providers, says Dan Connell, president of ConceptONE.
Fund administrators, such as Viteos and GlobeOp, have also begun to develop tools to help hedge fund clients comply with Form PF requirements.
The SEC and CFTC have stipulated that advisers to the biggest funds must begin reporting Form PF from as early as June 15, 2012. Smaller funds have until Dec. 15, 2012, to begin filing.
Advisers will have to aggregate data across custodians, prime brokers, counterparties and administrators in addition to their data sources, Connell says. Data management, aggregation and analytics have always been at the core of our offering, and that is why we believe we are so well suited to help our clients with this new reporting requirement.
RiskONE, the firms reporting and analytics division, aggregates more than 50 data sources, many of which will be required in order to fully populate Form PF.
We anticipate that there will not only be challenges for clients in the support and preparation for the report, but also in the interpretation and assimilation of regulatory reporting into their reporting obligations, says Ken Grant, Chairman of ConceptONE. We intend to provide a total data solution for clients. This is a monumental change for the industry and the time to start preparing is now. We encourage proactive measures and are eager to sit down with those impacted by this rule sooner rather than later.
(CG)