SS&C Technologies has launched a new service aimed at standardising custodial data files for its hedge fund and investment manager clients.
The tech giant has gone live with Advent TransPort, an addition to its flagship Advent Data Solutions, enabling users to customise and standardise custodial data before loading into their accounting platforms, and to filter out any unwanted data.
“Adding TransPort to our daily workflow has been beneficial, significantly reducing the occurrence and time spent on manual manipulation errors each day,” said Christopher Wall, director of operations, Westfield Capital Management.
For many fund managers that have multiple custodians, they are increasingly facing new challenges in capturing and exploiting the vast volumes of data they are being exposed to. SS&C stated the new service will allow firms to then focus on their unique data requirements and easily add value.
“Our clients are working with a larger number of custodians and other counterparties to minimise risk but reconciling tremendous amounts of data is adding to their workload,” said Robert Roley, general manager of SS&C Advent.
“Investing in tools like TransPort helps simplify interactions with custodians and brokers, so our clients can focus on efficiently managing their businesses.”
The launch of the new services is the latest enhancement SS&C Technologies has implemented for its vast array of middle- and back-office services.
These include the launch of new fund administration capabilities for non-transparency, actively managed exchange traded funds (ETFs), and it implemented a series of upgrades to its front-to-back outsourcing service Eze Eclipse to take on an increasing number of clients.