Patni Computer Systems (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI), a leading global IT and BPO services provider, today announced an Operational Fund Accounting Service designed to alleviate the challenges of back office operations that buy-side firms face on a daily basis.
As asset management firms continue to look for ways to reduce costs while staying focused on areas of core expertise, Patni has developed a service to manage these critical back-office functions that ensure data consistency, accurate financial reporting, customer data security and privacy; essentially freeing customers to build their businesses.
Patni is currently managing back office accounting for 450 portfolio funds on behalf of customers within the hedge fund and mutual fund industries with more than $325 billion of assets under management. Patni is applying this expertise with the Operational Fund Accounting Service as part of a new cost savings suite for the buy-side industry. Two additional solutions will be introduced subsequently, focused on 'outsourced hosted global reconciliation services' and 'financial controls reporting'.
The Operational Fund Accounting Service is designed as an operational cost take-out to assist fund accounting firms in maintaining their competitive edge. The service combines IT outsourcing and Business Process Outsourcing capabilities that include continuous management and governance controls to ensure the quality and efficiency of data and operations. With the use of Six Sigma processes, dashboards and state-of-the-art tools managed by financial industry experts, Patni assures that client systems are adaptive to rapidly changing industry demands.
"Challenges facing the buy-side industry are growing with increased regulations, caution in the marketplace, and heightened competition," said Fred Cohen, Global Head of Patni's Asset Management Practice. "Outsourcing commoditized, critical and non-core back office tasks will enable these firms to focus on the changing market conditions and serving their customers. The Operational Fund Accounting Service developed by Patni provides a more affordable approach to solving these challenges," he added.
The suite of services offered will benefit investment managers, administrators, brokers and dealers managing such tasks as trade and cash reconciliation, flexible and accurate reporting, reference data management and fund accounting. Firms looking to upgrade back office operations can profit from Patni's strength with compliance, adaptive value driven engagement models and offerings that cross the business, operations and technology functions to become more efficient without sacrificing service.