Investors are placing big demands on firms to provide greater transparency in the valuation of their portfolios. FastVal is well positioned to provide Columbus Avenue with the high level of transparency required to appease these demands.
(Vocus) February 3, 2010
Columbus Avenue Consulting (Columbus), a global fund administrator, has selected SunGard’s FastVal, a portfolio valuation solution delivered on an ASP basis, to help independently value its clients portfolios. SunGard’s FastVal provides financial institutions with full transparency of the models and underlying market data used in the valuation, as well as enhanced Greeks, greater functionality in the running of intra-day valuations, and comprehensive product coverage across all asset classes. Columbus Avenue is the first customer to go-live on FastVal 3.0, SunGard’s latest FastVal release.
Columbus chose FastVal to help it mitigate operational risk, enhance transparency and improve overall operational risk. FastVal will help Columbus to collect pricing and valuation data, with round-the-clock feeds from exchanges and other data providers. Up-to-date valuations can be generated up to four times a day. The solution provides access to underlying data and covers most financial instruments, meaning that Columbus is well-positioned to take on funds with more complex structures, as their business continues to grow.
Columbus is already a user of SunGard’s VPM portfolio accounting solution. It’s selection of FastVal was based in part on FastVal’s direct integration to VPM. The integration between SunGard’s FastVal and VPM solutions will allow Columbus to pass up-to-date valuation and pricing data directly to VPM’s general ledger, eliminating the need for various file conversions between disparate vendor platforms. This helps Columbus to consolidate and streamline its vendor relationships to help provide quicker time to market, as well as further increasing efficiency and mitigating risk around redundant data transfer.
Bonnie Han, partner at Columbus Avenue Consulting, commented: “We feel that the integration between the two SunGard solutions will save us a great deal of time, in addition to reducing the risks inherent in our manual data entry. As our business grows, and we continue to take on funds with more complex strategies, it is essential for us to have a solution that can provide accurate, transparent pricing and valuation across our entire customer portfolio.”
Gavin Lee, chief operating officer of SunGard’s FastVal business unit, commented: “Investors are placing big demands on firms to provide greater transparency in the valuation of their portfolios. FastVal is well positioned to provide Columbus Avenue with the high level of transparency required to appease these demands.”
About Columbus Avenue Consulting
Columbus Avenue Consulting, LLC is a fund administrator dedicated exclusively to the hedge fund industry. With over $5 billion in assets under administration and over 50 employees worldwide, Columbus offers full onshore and offshore administrative services to hedge fund and fund of hedge fund clients.
The firm provides a wide spectrum of services which include daily NAV calculations, traditional portfolio accounting, tax and operational consulting, accurate and timely reporting, and investor services. To learn more, visit: http://www.columbusavenue.com
About SunGard’s FastVal
FastVal is an ASP portfolio valuation service, accessed over the internet that provides independent valuations for individual trades and holdings as well as entire portfolios. FastVal is powered by a proprietary pricing language that can describe any financial instrument based on cash flows, calendar events and boundary conditions. This enables FastVal to respond rapidly to developing markets and products and assimilate new instruments. FastVal uses both single and multi-factor models with a choice of numerical methods to price and structure derivatives in a wide range of asset classes.
About SunGard’s VPM
SunGard’s VPM is a comprehensive, multi-currency back-office solution and transaction repository, and is designed specifically for hedge funds. VPM supports virtually any asset type including equities, fixed income, futures, bank debt (including multi-currency revolvers), repo and swaps. In addition to managing virtually any asset type, VPM provides easy-to-use navigation and the ability to integrate with a variety of systems, as well as external data and information vendors.For more information on VPM and SunGard’s portfolio of alternative investment solutions, visit http://www.sungard.com/vpm/learnmore.
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries.
SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at http://www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
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