Paladyne wins Symphony Asset Management contract
Paladyne Systems, a leading solutions provider for the hedge fund industry, today announced it has licensed its Paladyne product suite to Symphony Asset Management, an investment advisor to a number of institutional accounts.
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Symphony has licensed the PALADYNE product suite to as its centralized reference and market data repository and firm-wide data warehouse and custom reporting solution. Symphony has also licensed Paladyne's Integration Manager for integrating the PALADYNE product suite with its existing data vendors and internal applications.
Symphony will implement Paladyne Security Master as its centralized repository for global security terms and conditions including all listed and OTC security types as well as corporate actions; Paladyne Price Master as its centralized market data repository for time series analytics, rules-based pricing and valuation, and compliance reporting; and Paladyne Analytics Master as its firm-wide data warehouse and centralized reporting system. Symphony will leverage Paladyne's Integration Manager to collect and store data from multiple data vendors, and for posting data into its accounting system, Advent Geneva, as well as into its order management and loan management systems.
"Centralizing reference data and insuring the consistency of this data across a disparate set of applications is a significant challenge facing most hedge funds and one that it is manually intensive and error prone," said Neil Rudolph, Chief Operating Officer of Symphony Asset Management. "By leveraging the PALADYNE suite of products and integration tools, we expect to have a complete middleware infrastructure that consolidates our firm-wide data and integrates with all of our data vendors and existing front, middle, and back-office applications."
"We are excited to have Symphony as part of our growing client base and look forward to helping Symphony continue its successful track-record with more streamlined operational processes," said Sameer Shalaby, Chief Executive Officer of Paladyne Systems. "The significant increase in demand for our middleware products over the past year signals a strong industry focus on centralized reference and market data and consolidated reporting."
Paladyne and Symphony are currently working to implement the PALADYNE product suite.