Jericho Capital Asset Management ("Jericho"), a New York-based start-up hedge fund manager, has implemented Tradar Insight, a sophisticated portfolio management and accounting system, developed by specialist hedge fund technology provider Tradar.
Jericho installed Tradar Insight in late June of this year and is supported by Tradar Insight in a number of ways. Using Tradar Insight's Trade Importer, executed trades can be electronically fed into Tradar Insight, removing the need for manual re-keying and cutting down the likelihood of errors occurring. In addition, use of Tradar Insight enables transaction details to be automatically collated into a trade file and exported electronically to the prime broker's system. Tradar Insight introduces further efficiency by performing automatic reconciliations with prime broker records, highlighting exceptions and taking away the need to manually identify discrepancies between internal records and the prime broker's records, traditionally a laborious and time-consuming process.
Using Tradar Insight's Live P&L function positions can be monitored in real time, while the platform also offers sophisticated, highly flexible reporting technology. Tradar Insight also enables users to maintain internal portfolio records, providing an important control within the operations function. During the month-long trial, prior to launch, Tradar provided extensive training in the use of the Tradar Insight system. As a result, Jericho has been able to automate many daily operations and can now generate regular, customised reports at the click of a button.
Explaining why she decided to launch using Tradar Insight, Emer O'Hanlon, Chief Financial Officer, Jericho Capital Asset Management L.P., commented: "We wanted a complete set of internal portfolio data, with live P&L and transaction history. We wouldn't have easily been able to replicate this using spreadsheets...Use of Tradar Insight offers the ability to maintain complete internal portfolio records and forms a key part of our internal controls... Although we did consider other vendors we ultimately selected Tradar Insight as it provides both good functionality and value in relation to cost."
Sachin Kachhla, General Manager, Tradar USA, added: "Rather than opting to launch using spreadsheets, as some start-up fund managers choose to do, Jericho decided on a robust portfolio management and accounting system from inception. Implementing Tradar Insight right from day one will create a number of operational efficiencies. Importantly, it also means that later on, as the company grows and develops, it will not need to go through the time-consuming process of migrating data from spreadsheets to a more sophisticated system."