Latest Client Represents First European Hedge Fund to License XSP™
London, UK, 11 October 2004 – XcitekSolutionsPlus, the leading provider of corporate actions automation, announced today that Polygon (Polygon Investment Partners LLP and Polygon Investment Partners LP), a global hedge fund advisor headquartered in London, has licensed the XSP™ software system for corporate actions processing. This agreement represents the third hedge fund to license XSP and the first in Europe. Polygon utilises Beauchamp Financial Technology’s (BFT) FundManager, a portfolio management solution, and will interface it with XSP to streamline Polygon’s corporate actions process for optimal operational efficiency across its London and New York offices.
XSP is SWIFT ISO 15022 compliant and features comprehensive data scrubbing tools, robust workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilising its powerful rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitises data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications through its web-based module, eTRAN™, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Manuel Guerrero, Head of Operations at Polygon, commented, "We evaluated the corporate actions software providers in the marketplace and found XcitekSolutionsPlus to be the vendor of choice for several reasons. Besides XSP’s rich functionality and outstanding product features, XcitekSolutionsPlus has the proven track record of being able to implement and deliver a corporate actions system, an extensive knowledge of the business, and the experience working with back-office accounting systems for greater straight-through processing (STP). For Polygon, their willingness to collaborate on interfacing XSP with Beauchamp’s FundManager was another critical key in our decision."
Clare Flynn, President of Beauchamp Financial Technology, says, "We look forward to working alongside XcitekSolutionsPlus to deliver enhanced operational efficiency at Polygon. Polygon is a client that understands the competitive advantage created by employing the right technology throughout the various processes of investment management."
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, "The addition of Polygon Investment Partners to our client base is a tremendous win for XcitekSolutionsPlus. In the last 12-18 months, we have seen great interest in the alternative investment management community. Polygon is XSP’s third hedge fund client and the first to be based outside of the U.S. The combined benefits of XSP interfacing with Beauchamp’s FundManager will provide Polygon with the sophisticated tools to help manage their investment strategies and minimise risk."