SS&C launches Form PF reporting system
SS&C Technologies has launched a Form PF reporting solution for hedge funds.
The cloud-based system will offer clients access to data collection, workflow management and online Form PF submission. According to a statement by SS&C, the system will support complex fund structures, multiple asset types and data sources. SS&C follows GlobeOp, Viteos and Kaufman Rossin in launching a Form PF reporting system for managers.
Form PF looks set to be an operational headache for hedge funds. Under Dodd-Frank, hedge funds with more than $1.5 billion in assets under management (AuM) must submit a Form PF quarterly as of December 2011. Managers with AuM of between $150 million and $1.5 billion will be required to submit a slightly less detailed Form PF annually.
Data will include hedge funds’ exposures by asset class, counterparty risk, leverage, geographical concentration, risk profile, investor details, collateral details, liquidity, strategy coverage and turnover by asset class. There is a possibility managers might also be required to submit their Value at Risk (VaR) data and stress test results although position-level information is exempted. This data will be used by the Financial Stability Oversight Council (FSOC) to monitor systemic risk. There are concerns that some managers are too heavily reliant on their fund administrators to do this work for them.
This announcement comes as SS&C upped its bid for GlobeOp to 485p per share. SS&C are currently competing with private equity house TPG Partners to buy GlobeOp, which put itself on the market having felt its shares were significantly undervalued.
Written by Owen Dickson