Gibraltar-based Helvetic Fund Administration has bought the ICON fund accounting platform from Linedata Services.
Established in Gibraltar in 1998, Helvetic Fund provides third party mutual fund administration and accounting services to 45 offshore funds with a total asset value in the region of US$200 million. These include directly-held investments in equities, bonds, futures, forward FX, options and time deposits, as well as investments in internal and external funds.
Helvetic took on a number of new clients in 2002, and its existing system, MFact, could not meet their requirements in terms of functionality. It started to look for an integrated solution that could fulfill all of its needs.
“We wanted one integrated system to reduce the risk of error and increase the efficiency of our business,” says Sean Gilmore, Finance and Operations Manager at Helvetic. “Our previous system simply was not configurable enough to fulfill all our growing requirements and we were also charged on a per fund basis. It was certainly not the most efficient way of running our business in the long term. We were impressed with the level of functionality and flexibility that Icon was able to offer. In particular, its ability to process and value all our instrument types, its unit cost sheet calculations and batch input facilities.”
Paul Roberts, Chief Operating Officer at Linedata Services, says Icon was a particularly good fit for the Helvetic business. “A key objective for them and many other organisations is to be able to manage additional funds without increasing costs,” he says. “Icon is well placed to help them achieve this.”
Helvetic Fund Administration has operated in Gibraltar since 1998. It is regulated by the Financial Services Commission (FSC) in Gibraltar and was the first fund administration company to be licensed by the FSC. Helvetic has extensive experience in supporting sophisticated hedge fund structures and investment vehicles and are focussed on maintaining close working relationships with clients in order to provide them with a service of excellence, quality and efficiency.