Hedge Fund Specialist Conifer Outsources Application Monitoring
September 12, 2011
Conifer Group has picked Empaxis to monitor its overnight processing, including its Advent portfolio accounting system.
The agreement requires Empaxis to ensure that Conifer’s portfolio accounting systems licensed from Advent as well as other reporting applications run their overnight batch processing efficiently and without any interruptions using staff located in New Delhi, India. Empaxis provides such services on a contractual or "outsourced" basis. The San Francisco-based Conifer offers outsourced trading, middle office, prime brokerage and administration to hedge funds.
Empaxis says that it will rely on a team of technology and operations experts trained on the Advent systems to keep Conifer’s Advent-licensed and other systems functioning smoothly. Doing so is expected to allow Conifer more uptime on its systems and the ability to use internal staff on other projects.
Conifer is shifting to a cloud based platform built by investment technology firm InvestCloud Solutions called Conifer iCon. The deal with Conifer is the first for Empaxis with a service provider. Empaxis runs applications for another seven hedge funds.
The Conifer iCon service will allow clients of Conifer to offer more sophisticated investor, risk and performance reports using a cloud-based repository hosted by InvestCloud. The joint venture called InvestCloud Solutions was announced in April and will be officially launched on September 12. The affiliation represents an exclusive agreement between InvestCloud and Conifer Fund Services, an affiliate of Conifer Group.
“In today’s environment where Conifer is investing heavily in re-tooling its service delivery platform, it was critical that we find a solution that allows us to actually increase the reliability of our existing application infrastructure while enabling safe, transparent transition to our future state Conifer iCon platform powered by Advent Geneva World Investor,” says Jack McDonald, president and chief executive of Conifer Group in a statement issued on Monday.
