Event-Driven Fund Relies on Derivatives.com’s Ability to Manage All Major Asset Classes and its Robust Real-Time Analytics To Minimize Risk
NEW YORK, June 30, 2005- Imagine Software, the leading provider of full-service hosted trading and risk management solutions for the global financial industry, today announced that Empyrean Capital Partners, LP has selected Derivatives.com to manage its cross-asset trading operations in real-time and satisfy demands for objective monitoring of trading and risk management processes across the enterprise.
Empyrean Capital is a Los Angeles-based multi-disciplinary hedge fund that was launched in April 2004. With $1.5 billion in assets under management, Empyrean focuses on event-driven transactions across the capital structure, including bank debt, equities, options, corporate bonds and convertible bonds. A founding partner of Empyrean Capital, Michael A. Price, was a former Partner and Head of the Global Convertible Bond Department at Goldman Sachs.
After considering other vendor solutions, Empyrean Capital decided to deploy Derivatives.com to not only ensure transparency and sound risk processes, but also to allow the fund to take advantage of new market opportunities as they arise to maximize profits and minimize risk. Derivatives.com’s handling of all major asset classes and multiple strategies in real-time allows Empyrean to precisely manage a broad range of trading opportunities, including those that incorporate more complex structured products, in one system. Coupled with robust analytics, including real-time P&L and Marginal VaR, Derivatives.com provides Empyrean with a competitive advantage to make more informed trading decisions based on clear, up to the moment valuations of its entire portfolio.
"Derivatives.com's ability to precisely handle the diverse range of products we trade was one of the main factors in our system selection process," said Cyrus Pirasteh, Head of Trading for Empyrean Capital. "With Derivatives.com, our entire portfolio is consolidated into a single system, which allows for comprehensive risk monitoring including credit risk monitoring, real-time Mark-to-Market position reporting, interest rate exposure calculations across the yield curve, real-time P&L and net-delta calculations, and the simulation of ‘what-if’ scenarios."
"Derivatives.com is proving to be an invaluable solution for us. The global accessibility of the hosted service allows me to access up to the moment performance metrics on our trading portfolio from any Internet connection," said Michael A. Price of Empyrean Capital. "The system also continues to lower our operational risk through the automation of key business processes including end-of-day processing, corporate actions and the maintenance of our security master."
"We are delighted that Empyrean Capital has selected Derivatives.com to support the growth of its hedge fund business as it continues to increase assets under management and expands into more complex trading strategies," said Steven Harrison, President for Imagine Software. "Derivatives.com continues to enable sophisticated multi-strategy hedge funds like Empyrean to establish and enforce enterprise-wide risk management strategies to minimize risks and facilitate investor confidence."
Imagine continues to be the only derivatives trading and risk management vendor that offers a full-service hosted solution, which provides the benefits of software on demand, data and processing services. It ensures immediate global accessibility and rapid time to market at minimal cost.
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