Multifonds, a market leader in multi-jurisdictional investment fund software, has expanded its transfer agency business by 25% over the past year.
The group says the new hedge fund functionality has been the major driver behind this success.
The development of new hedge fund-specific functionality has helped Multifonds to expand its transfer agency business by 25% over the past 12 months, to significantly more than $1 trillion in asset processing over 14,000 funds.
As the distinction between hedge funds and traditional mutual funds has continued to be eroded, hedge fund managers and fund administrators are increasingly looking for a single software platform that provides the necessary efficiency and scale for mutual funds, as well as flexibility for alternative funds. Multifonds has responded to that need by providing functionality that is tailored to the specific needs of hedge funds, while also benefitting from the advantages that have given the company approximately 30% of the UCITS transfer agency market in Luxembourg and Dublin.
Multifonds has had the ability to cater for performance fee equalisation and series of shares funds processing for some time. However, working in partnership with some key administrator clients, these capabilities have been significantly extended over the last two releases (v3.60 and v3.70) to fully cater for hedge fund transfer agency including dividend distribution on equalization funds, crystallization rollback, lock-up processing, redemption lot picking and fund migration without the need for crystallization.
Keith Hale, Global Head of Transfer Agency at Multifonds says, “we have been listening to our customers who want a flexible, scalable, efficient platform across fund types on a single platform. It is very encouraging to see the resulting growth of Multifonds Transfer Agent in the market. This has been based on helping our administrator clients migrate new mandates and acquisitions, particularly in the alternative and hedge fund market.
(LB)