After registration with the SEC, best practice calls for hedge funds to document the process and criteria they use to determine payments for research they receive from brokers and independent research providers. A web-based software, Hedge Trak allows hedge funds to design and run robust broker reviews on a completely self-administered basis.

"Broker reviews are a critical part of the research procurement and payment process," said John Meserve, chief executive officer of ConvergEx Research Solutions. "Hedge Trak gives firms the tools needed to manage reviews in a simple, secure, auditable and historically accurate manner without the operational risk associated with Excel or other manual processes."

"Hedge Trak builds on Cogent's expertise in developing broker review systems for some of the largest hedge funds and long-only firms in the world," said Robin Hodgkins, president of ConvergEx's Cogent Consulting. "Hedge Trak helps hedge funds deliver a complete picture of the value of their research providers to portfolio managers and analysts and can also be used by traders and back-office personnel to manage their broker list."