Financial services software provider NorthPoint has released NorthPoint Form PF Solution, which it designed to manage the Form PF filing process. The solution was developed in partnership with a number of hedge fund clients.
As a result of Dodd-Frank, U.S. advisers to private funds, including hedge funds, with more than $150 million in assets must register with the SEC and fill out and file quarterly or yearly statements, depending on the size of the fund, called Form PF. Investment advisers must gather, classify, and aggregate data from many sources, including external service providers and internal applications.
NorthPoint says its Form PF solution provides a single data repository and tools to automate the collection and management of all the data required for competing the filing process.
NorthPoint says the new solutions workflow tool automatically generates the necessary data collection and reporting tasks and provides tools and reports to review, audit and sign off of reporting instructions based on the fund’s unique reporting elections. Filings can be prepared and submitted within the application, and all collected information is retained to provide audit trails of reported numbers. The entire process is monitored on a dashboard that shows the status of each instruction and the overall progress of the filing preparation.
NorthPoint is also enhancing its existing trade workflow, data warehouse and portfolio management platforms to capture Form PF-related information at source.
“Although Form PF is intricate and operationally challenging, NorthPoint’s extensive experience in dealing with our clients’ data management challenges, coupled with our technology’s ability to integrate with existing systems, uniquely positions us to help alleviate our clients regulatory reporting burden,” says Nigel Cheetham, senior manager of NorthPoint. “Our goal is to provide an effective solution which automates and streamlines the regulatory compliance process, freeing our clients to focus on what is important growing their business.”
(CG)