New operations platform aiming to support the rise of ‘advanced’ fund administrators

A data services platform established by NES Financial says it will support the rise of new advanced fund administrators as legacy providers continue to face challenges.

By Jonathan Watkins

A new data service platform for funds is aiming to ‘free operations from the limits of legacy systems’ after being spun out of established FinTech and fund administrator, NES Financial.

Harmonate claims it will bringing large cost savings and faster reporting through its automated data extraction from general ledger systems, providing data normalisation, creating specialised data warehouses, and intelligently feeding client dashboards, reports and service level agreements.

Subsequently, the platform claims it can provide 20% cost savings in year one of implementation, and 80% savings in ensuing years, along with reducing reporting delivery timelines by more than 80%.

Harmonate serves both funds and administrators, and says it is already serving a ‘roster of clients’, after branching out from being only available previously through one service provider.

“Harmonate now provides funds with agile yet exceptionally strong software architecture and services for data operations,” said Kevin Walkup, president and COO of Harmonate.

“Our systems, and the combination of both the soft and technical skills needed to migrate organisations to data driven operations, allows the domain expertise and ideas of our clients to shine through. As data fluent investors press for more transparency, Harmonate allows the middle-office to break through the limits of complex pre-digital approaches.”

In a statement, Harmonate said that while legacy fund administrators are experiencing increasing pricing pressure and challenges to provide value-add services, it will support new advanced fund administrators.

The firm said these ‘advanced fund administrators’ have developed a reputation for focusing on process efficiencies and margin enhancement, including data operations to drive business improvement.  

Harmonate said it believed they are less likely to off-shore personnel as an alternative to efficiency gains and they enhance margins on high volume data-related activities while improving delivery timelines and accuracy.

“Harmonate was developed in response to transactions that can be abnormally high velocity, complex, involve thousands of limited partners or all of the above within the EB-5 fund and Opportunity Zones fund space,” said Reid Thomas, executive vice president and general manager of specialty financial administration, NES Financial. 

“Their track record of transforming traditional fund administration and fund of funds environments has driven demand for their services and we welcome the opening of their platform to a larger community.”