James Caird Asset Management (JCAM), the recently-launched hedge fund from Moore Europe Capital Management, has selected SunGard’s Ambit Reconciliation application (formerly intelliMatch) to help it automatically match and reconcile the real-time positions and transactions of its cash and securities business against multiple prime brokers. JCAM becomes one of a growing number of hedge fund companies using Ambit to facilitate reconciliation between their portfolio management systems, external prime brokers, third party administrators, market counterparties and other core operational systems.
SunGard’s Ambit Reconciliation will help JCAM to control errors and processing inefficiencies through the early identification of exceptions in the trade lifecycle. It will also help enable automatic pre-settlement resolution, rapid data ingestion and up-to-the-moment views of the reconciliation process.
“Our decision to take SunGard’s reconciliation solution was made even before we launched in May 2008,” says Stuart Weir, operations manager for JCAM. “With over $2.5 billion assets under management, one of our primary objectives was to build a robust and scalable operating platform within a highly controlled environment to support our key investment management activities. This meant selecting reliable and reputable technology platforms that would help us to enhance the business through task execution and to minimize operational risk. “Ambit proved to be highly-configurable, user-friendly and easy to navigate. No additional software was required for the installation, and with the open database architecture it was easy to integrate with our existing IT platform.”
“We are seeing an increasing need in the fund management industry to improve operational efficiency and reduce risk,” says Wolfgang Prinz, group vice president of global transaction management solutions in SunGard’s banks and corporations business. “JCAM is a dynamic company which has recognized from the outset the benefits of an automated reconciliation tool. We are dedicated to helping JCAM maximize its business potential and reach expected growth targets – helping them to accommodate new trading partners and security types through the use of Ambit.”
D.C.