South African hedge fund administrator Investment Data Services Group (IDS) says it has installed the PFS-PAXUS system from Pacific Fund Systems (PFS) at its offices in Cape Town.
The implementation started in December last year, and most fund conversions were completed by February this year. PFS provided anon-site implementation consultant to train and guide users through the conversion.
“Any implementation at a sizeable fund administrator requires complex conversion of a large number of funds, including loading of significant portion of a fund’s history,” explains PFS Director James Eldershaw. “Administrator implementations typically cover a wide spectrum of fund structures and fully test the capabilities of any system.”
Eldershaw reckons the key factors in the success of the implementation were the quality of the personnel working on the project and the availability of automated upload facilities in PFS-PAXUS for all the major transactional and standing data.
IDS claims a 60 per cent share of the South African hedge fund market, and has US$1.6 billion under administration.
“Following our acquisition of Global Fund Services from HSBC we appointed PFS-PAXUS to provide our administration software which will give us a robust infrastructure to grow our business,” says Ian Hamilton, CEO of IDS. “We see PFS-PAXUS as a partner rather than just a software provider. With exciting growth opportunities in the African continent and Middle East, IDS is positioned to be the dominant player in the African/Middle East arena. The IDS focus is upon delivery of service to meet our client’s expectations, relationships, and keeping our staff working happily together in a productive environment.”
Pacific Fund Systems Limited is a provider of accounting and administration software solutions to the hedge fund industry. Its flagship PFS-PAXUS product is installed at over 20 sites and produces the NAVs for a number of hedge funds.