Paladyne and SunGard partner on hedge fund back-office accounting

Source: Paladyne Systems

SunGard, a leading provider of software and processing solutions to the financial services industry, and Paladyne Systems, a leading provider of outsourced alternative investment solutions, today announced a strategic partnership to offer SunGard's Visual Portfolio Manager (VPM) software as part of Paladyne's integrated front- to back-office hosted solution.

SunGard and Paladyne will deliver VPM as an application service provider (ASP) solution primarily to start-ups and small-to-medium-sized hedge funds - although hedge funds of any size or complexity will be able to license the VPM ASP solution.

SunGard's VPM solution is currently used by more than 45 hedge funds as a complete portfolio management, general ledger and investor reporting solution. By offering VPM as part of Paladyne's full service ASP platform, the two companies will offer a solution for hedge funds that may require comprehensive infrastructure - especially to those funds that are leveraging a single prime broker's technology and are considering adding a second prime broker. Customers will be able to access the full functionality of VPM in combination with Paladyne's front-to-back-office product suite and take advantage of full service IT, disaster recovery and data vendor services.

The Paladyne/SunGard relationship will also benefit larger sized hedge funds and service providers who have some existing infrastructure but are looking for tools to help centralize processing and streamline operations. Paladyne's order management system, global security master, pricing and valuation toolset, data warehouse and custom reporting tools are all fully integrated with VPM and help solve many of the operational challenges facing today's hedge funds. All of the Paladyne products are included as part of the integrated ASP environment or may be licensed individually and installed directly at a customer site.

"This partnership with SunGard advances our strategy to provide hedge fund managers and fund administrators with a robust front-to-back office solution," said Sameer Shalaby, chief executive officer of Paladyne Systems. "The tight integration of our products and hosting services with VPM provides a world class infrastructure that is ideal for hedge fund managers and fund administrators seeking to improve and centralize their existing infrastructure."

Emanuel Mond, president of SunGard's alternative investment business, commented: "In the current environment, where hedge funds want the functionality of a robust accounting platform, yet do not have the infrastructure to support an in-house system, an ASP model is very appealing. SunGard's VPM is a leading solution for larger hedge funds, and together with Paladyne we now have a more comprehensive offering and scalable delivery model for small-to-medium sized funds."

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