CorrectNet, a supplier of web reporting and data management services to the fund management industry, is investing over US $3 million to expand its collection of six global data centers, especially in Europe, and launch new products (including a fund-of -funds operating platform). The company is also looking at potential acquisitions.
CorrectNet says that, through its relationships with major fund administrators, it now serves the reporting needs of over 2,000 hedge funds and “hundreds” of independent financial advisors, endowments, and mutual fund administrators. “During the last year we have experienced significant growth driven by our clients’ need to process more data, more efficiently,” says Bob Miller, CorrectNet CEO. “This success has been a result of our demonstrated ability to consolidate complex data from a wide variety of sources, create meaningful presentations of this data, and distribute this information to managers and investors who need it to make investment decisions. Our experience across such a large base of clients has given us the. domain expertise to solve problems much broader than basic web reporting. Today we are shipping solutions that process security master databases, provide integration with dozens of analytic systems, and facilitate complex accounting and document management workflows. Increasingly, we are being called upon to provide the ‘dashboards’ used by executives, managers, account representatives, and operational personnel. We have also identified, and are actively pursing, a number of potential acquisitions that would serve to accelerate a number of initiatives in business continuity services, compliance, and risk management.”
CorrectNet consolidates financial data from multiple accounting, portfolio, and performance systems, and delivers this information to fund managers and their investor/shareholders. Proprietary technology enables customers to present the data in web-based formats, with drill-downs, charting, and third-party content. CorrectNet’s Investor and Manager Reporting solutions are used by over 750 firms through relationships with the leading fund administrators, prime brokers, and service providers.