Northern Trust has launched a new dashboard for account reconciliation within its hedge fund services business.
The dashboard provides a comprehensive, real-time view of breaks and reconciliations in trade activity between Northern Trust’s hedge fund clients and other institutions.
As a fund administrator, Northern Trust reconciles client books and records with external custodians, futures clearing members, prime brokers and swap counterparties.
Users of the new dashboard can create custom defined data views, monitor reconciliation completion and integrate break resolution into their own processes.
“As the importance of transparency continues to grow for hedge funds, we have enhanced our services to provide clients with more flexible views into data,” said Jeff Boyd, head of Northern Trust Hedge Fund Services, North America.
“Timeliness and accuracy of information is critical. By consolidating all breaks into an interactive graphical user interface, Rec Dashboard provides real transparency into the process of verifying trade activity, positions and balances, helping clients to more effectively manage breaks and measure risk.”
Earlier this year, Northern Trust completed the transition of bringing Citadel’s technology team, in-house, essentially giving it the right to develop their own software for hedge fund clients.
Speaking to Global Custodian in July, Northern Trust’s Peter Sanchez, head of North America alternative fund services, outlined their aims to enhance and launch new technology products for hedge fund clients with a focus on transparency and investor experience.
“More and more investors are demanding from their managers an enhanced experience in terms of performance of the fund, and an ability to invest and withdraw from a fund. Many want a seamless and more automated experience, with a big move away from manual redemption processes,” Sanchez explained.
“We are deploying various interactive dashboards allowing clients to see what is driving their P&L, the status of their NAV, reconciliations, trade processing etc.”