06.09.2005 12:41:00
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The Bank of New York Creates Unique Data Warehouse for Funds of Hedge Funds; New capabilities enhance Bank's hedge fund administration platform
The data warehouse, which is housed within the Bank's technologyplatform for hedge funds known as Praeeo, allows the Bank to cover afull range of reporting and transactions required by funds of hedgefunds.
Through the new enhancements, the platform provides consolidatedreporting and distribution capabilities, transparent trade work flowmanagement, position maintenance at a tax-lot level, data enrichment,document management, and significant operational efficiency. It alsomaintains contact information for parties of interest and can act as astate-of-the-art storage resource for business records that enables aclient to store data about its fund structures, financial statementsand dealing forms.
Brian Ruane, executive vice president at The Bank of New York,said, "As a global leader in hedge fund administration, we deliver oneof the industry's most advanced product and service offerings to thiscomplex asset class. The development of this pioneering data warehouseshowcases our strategic focus on providing innovative, end-to-endtechnology solutions that improve the effectiveness and efficiency ofour hedge fund clients."
Ruane said the Bank has begun a systematic roll-out of the datawarehouse capabilities to existing clients, which it expects tocomplete by the end of the year.
The Bank of New York is one of the largest hedge fundadministrators in the world. Hedge fund assets under administrationhave grown from $16 billion in 1999 to more than $65 billion today.
The Bank of New York Company, Inc. (NYSE: BK) is a global leaderin providing a comprehensive array of services that enableinstitutions and individuals to move and manage their financial assetsin more than 100 markets worldwide. The Company has a long traditionof collaborating with clients to deliver innovative solutions throughits core competencies: securities servicing, treasury management,investment management, and individual & regional banking services. TheCompany's extensive global client base includes a broad range ofleading financial institutions, corporations, government entities,endowments and foundations. Its principal subsidiary, The Bank of NewYork, founded in 1784, is the oldest bank in the United States and hasconsistently played a prominent role in the evolution of financialmarkets worldwide. Additional information is available atwww.bankofny.com.
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