“What really blows away people is Penny’s ability to handle virtually any type of incentive and management fee or fund structure right out of the box."
Mount Kisco, NY (PRWEB) February 23, 2011
With February release of Penny-It Works ® version 8.0, TKS Solutions further solidifies its position as the most sophisticated partnership and shareholder accounting package for fund administrators and hedge funds by introducing “one-click” master/feeder processing, expanded estimate handling, and a state of the art technological foundation.
Penny has always had the ability to flow income from a master fund to its related feeder funds; version 8.0 adds the capability to map the master/feeder investments (including multiple feeders and unlimited levels of feeders), and process or reverse funds, in their proper order, with a single mouse click. The mapping of funds can also be displayed in a hierarchical chart, providing users with a graphical depiction of complex fund relationships.
Version 8.0 also includes enhancements to the already extensive estimation capabilities of the system. Penny now supports fee overrides for estimates, and allows users to perform and maintain multiple estimates for the same day. This is particularly useful if a preliminary estimate is calculated and then revised. Users can choose whether to report on the preliminary, revised, or final numbers. The system has no limit for the number of estimates that can be performed for any given day.
In addition, Penny®, version 8.0, was also revised to utilize the latest platform technologies: Microsoft Visual Studio 2010 and runs on .NET 3.5 with Microsoft SQL 2008 R2 (backward compatibility is maintained for SLQ2005). According to TKS Solutions’ President, Ronald Kashden, “Many vendors are leery of investing resources to upgrade their systems to new technologies. Over time, this leads to the software being harder and harder to maintain as the underlying platform becomes obsolete. Penny was built with a strict object oriented model that makes it easy for us to migrate platforms to take advantage of efficiency gains, without impacting any of the accounting logic or data at the heart of the application”.
The new features, combined with Penny’s expert business rules, lighting fast processing engine, and intuitive user interface, explains why the system is quickly becoming the de facto standard for the world’s most complex funds and sophisticated administrators. Says Maria Solovieva, Vice-President of Business Development at TKS, “What really blows away people is Penny’s ability to handle virtually any type of incentive and management fee or fund structure right out of the box. Calculations that used to max out spreadsheets can easily be automated, and processes that used to require days are one click from completion.”
About TKS Solutions
TKS Solutions offers unified partnership and shareholder accounting solutions for the financial industry. Its flagship software Penny®- It Works is used to manage over 640 funds, providing automated and instant access to detailed investor data. Penny’s open architecture and proven features easily integrate with portfolio accounting and customer relationship management systems, data warehouses and in-house proprietary solutions. Penny is used by leading hedge funds, fund of funds, private equity firms, fund administrators and management companies with assets under management ranging from $50 million to $60 billion. For more information, please visit http://www.PennyItWorks.com.