Tiedemann Investment Group Spins Off TKS Solutions, an Independent Back-office Accounting Software Company
Hedge fund group spins off independent software company to focus on unified partnership and shareholder investor software.
New York, NY (PRWEB) June 7, 2007 -- Tiedemann Investment Group, an alternative investment company, today announced the launch of TKS Solutions LLC -- an independent software company delivering a comprehensive back-office accounting solution for investment advisors. TKS Solutions' flagship product, Penny™, uniquely unifies management of partnership, shareholder and tax accounting.
Hedge funds are challenged to find back-office solutions that effectively address their unique operations. This obstacle led Tiedemann Investment Group to establish software company TKS Solutions and create Penny. Penny integrates partnership and shareholder accounting, and delivers general ledger, allocations, and accounts payable for management companies. Penny, which is now commercially available to all hedge funds, has been in use at Tiedemann since January 2006.
"Many systems claim to support our industry, but we could not find any package that actually worked. We are investment advisors first and foremost. We did not want to build another proprietary solution, however, the lack of viable options drove us to establish TKS Solutions," said Barbara Warga, Chief Operating Officer of Tiedemann Investment Group. "TKS's Penny software feeds from our portfolio accounting packages and calculates all investor returns and fees. It has been a great check against the administrator. Additionally, responding to our investor requests has never been easier."
Penny offers four comprehensive modules to streamline partnership, shareholder and tax accounting:
- Penny Shareholder: Penny tracks stock par values and additional paid-in capital and handles the complexities of rounded NAVs and corporate income allocation, so all reports, from the shareholder register to the trial balance, are consistent.
- Penny Partnerships: Penny simplifies partnership accounting by tracking investments by contribution, automatically allocating investment results by partner, monitoring subscriptions for anti-money laundering requirements, and calculating estimated returns and performance fees.
- Penny Management: Penny manages everything from paying bills and recording organizational expenses to charging costs across companies and reporting to the principals.
- Penny Tax: Penny simplifies and manages complex tax jobs including calculating layered realized gains, applying tax specific investor allocations, and creating investor supporting schedules.
"Through our work with over 450 investment firms, we regularly see clients struggle with the complexity of effectively managing and unifying their accounting systems," said Mark Coriaty, director of strategic alliances, Eze Castle Integration. "TKS Solutions' Penny software is a unique and proven solution for shareholder, partnership and tax accounting for funds. We expect Penny will ease the accounting complexities for numerous funds."
Penny is a lightweight easy-to-use application that complements existing accounting systems and takes feeds from many vendors including Advent Geneva® and MSPA®. It also boasts an open architecture that enables automation with home-grown systems.
Ron Kashden, President of TKS Solutions, said, "We've gotten a very enthusiastic response from our demonstrations of Penny. People are excited that they can finally get rid of their spreadsheets. It just reinforces the need for field-tested back-office solutions that are easy-to-use and easy-to-install."
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