Smonik Investment Systems, a leading provider of integrated back-office solutions for the investment management community, announced today that Woodfield Fund Administration, an independent, third-party fund administrator, has chosen Smonik RECON to support the portfolio reconciliation needs of their diverse group of investment management clients.
Woodfield's selection of Smonik RECON comes as investment managers are increasingly broadening their investment strategies across regions and asset classes in pursuit of investment returns. To support more dynamic investment strategies, firms must be able to quickly and easily modify middle- and back-office processes to minimize risk and ensure operational efficiency in the new market environment.
Smonik RECON's robust yet intuitive platform design enables Woodfield to quickly onboard new clients providing them with straight-through processing of trade reconciliation from data retrieval to matching and handling exceptions to comprehensive reporting. The solution provides Woodfield with a high degree of service customization capabilities that can easily accommodate new instruments as their clients' investment strategies change.
RECON improves operational efficiency by automating the time-consuming, often manual, task of retrieving, normalizing and uploading multiple formats of essential data from prime brokers, custodians and administrators. By automating the complete reconciliation process, users are able to reassign internal resources to focus on the core business of investment management.
Woodfield Fund Administration is an independent, third-party administrator that supports a diverse mix of alternative investment strategies and structures, including equity and fixed-income hedge funds, private equity funds and fund of funds ranging from small start-up funds to managers in excess of $1 billion in assets under management.
Smonik Investment Systems provides a fully integrated back-office solution for the traditional and alternative investment communities, and fund administrators. Its solutions are designed to streamline and simplify operational processes by allowing investment managers to easily integrate with any third-party.
"Today's market environment requires that investment managers have the flexibility to adjust theiir r strategies as new opportunities arise," said Frank Franiak, President and CEO of Woodfield Fund Administration. "Our clients look to us to ensure that their middle- and back-office systems and workflow processes are just as nimble. By leveraging Smonik RECON, we are able to easily tailor our reconciliation services to support the individual needs of out our broad and dynamic client base. RECON's easy to use interface reduces the time to make adjustments to reconciliation platform allowing us to focus our efforts on serving all our clients' needs."
Tristan Rock, managing director of Smonik added, "We are pleased to be working with Woodfield to help support the dynamic reconciliation needs of their growing client base. By removing the operational systems burden that many firms face when having to add functionality to legacy reconciliation systems, we are able help Woodfield and its clients spend more of their time on customer service and alpha generation."