Cuttone & Company launches multi-prime hedge fund management platform

Source: Cuttone & Company

Cuttone & Company, a full-service institutional broker and provider of Cuttone Global Prime Solutions (GPS), today announced the launch of Compass, the first hosted trading platform for the multi-prime hedge fund model.

Compass is being launched in partnership with Nirvana Solutions, a San Francisco-based real-time portfolio management solution software company.

Provided through Cuttone GPS, Compass is a portfolio management platform that provides a real-time aggregate view of assets, risk exposure, and P&L across multiple prime brokerage accounts. Compass also provides a fully integrated global execution and order management system supporting multi-asset and multi-currency trading, auditing and reporting.

There has been significant demand for the multi-prime model this year as fund managers seek to mitigate counter-party risk in response to recent financial markets turmoil. Compass provides a cost-effective solution enabling full transparency of fund assets across multiple prime brokerage accounts.

The multi-prime fund model has historically been used almost exclusively by large hedge funds because of the increased operational costs of managing assets across multiple accounts. With Compass, funds of all sizes now have a robust, hosted solution to managing multiple prime broker relationships through a single, fully integrated platform.

"Solutions for managing assets across multiple custodians have typically meant that funds are either compromising a real-time view of risk exposure, or it has required the fund to bring in operational support to build and maintain the necessary technology in house." said Fredrick Scuteri, SVP and Head of Prime Brokerage Services at Cuttone & Company. "With Compass, Cuttone GPS is providing a real-time, single-screen solution that seamlessly aggregates data across a fund's strategies, accounts, asset classes, and custodians, in addition to providing real-time, intraday risk, portfolio, and P&L reporting."

Steven Lewczyk, Senior Managing Partner at Nirvana Solutions added, "The single prime broker model has become largely outdated. In order to adequately address counter-party risk, funds o of all sizes will need to spread their assets across multiple custodian accounts. Through our partnership with Cuttone & Company, we are pleased to offer Compass, powered by Nirvana, as the first hosted solution designed to manage multiple accounts without compromising on real-time views of fund performance and risk."

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