XcitekSolutionsPlus, a provider of corporate actions automation technology, says Polygon Investment Partners LLP – a hedge fund group – has bought its XSP software system for corporate actions processing. Polygon is the third hedge fund to license XSP and the first in Europe.
Polygon uses Beauchamp Financial Technology’s (BFT) FundManager, a portfolio management solution, and will interface it with XSP to automate corporate actions processing in its London and New York offices.
XSP is SWIFT ISO 15022 compliant. It includes data scrubbing tools, workflow management modules, web and ISO messaging for client notification and response capture, and entitlement processing. Its rules-based, data-scrubbing engine includes exception handling capabilities, XSP captures. It can scrub data from multiple vendor sources and custodian banks. Tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications through its web-based module, eTRAN, which generates notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
“We evaluated the corporate actions software providers in the marketplace and found XcitekSolutionsPlus to be the vendor of choice for several reasons,” says Manuel Guerrero, Head of Operations at Polygon. “Besides XSP’s rich functionality and outstanding product features, XcitekSolutionsPlus has the proven track record of being able to implement and deliver a corporate actions system, an extensive knowledge of the business, and the experience working with back-office accounting systems for greater straight-through processing (STP). For Polygon, their willingness to collaborate on interfacing XSP with Beauchamp’s FundManager was another critical key in our decision.”
Clare Flynn, President of Beauchamp Financial Technology, says she is looking forward to working alongside XcitekSolutionsPlus. “Polygon is a client that understands the competitive advantage created by employing the right technology throughout the various processes of investment management,” she says.
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, describes the Polygon deal as a tremendous win for XcitekSolutionsPlus. “In the last 12-18 months, we have seen great interest in the alternative investment management community,” he says. “Polygon is XSP’s third hedge fund client and the first to be based outside of the US. The combined benefits of XSP interfacing with Beauchamp’s FundManager will provide Polygon with the sophisticated tools to help manage their investment strategies and minimise risk.”