Shadow Financial Provides Fund Accounting System for Alternative Investment Solutions

Shadow Financial Services, a leading financial software company specializing in multi-currency back office, clearing and accounting systems, has recently licensed their product, ShadoSuite, to Alternative Investment Solutions (AIS).

AIS is an outsourcing solution for middle and back office services as well as a fund administrator for hedge funds and fund managers. AIS provides services ranging across a wide spectrum of traded instruments and helps fund managers process growing trade volumes while also meeting regulatory requirements. AIS helps its clients alleviate the risk of operational errors and minimize the cost of executing and managing the post-trade investment process while improving the quality of back-office and accounting processes.

Boris Tiomkin, Chief Executive Officer of AIS, said that it was their joint venture with Fulcrum Limited, another hedge fund manager, that brought them to ShadoSuite. As a fairly new company AIS was in search of a system and ShadoSuite came highly recommended from Fulcrum. AIS licensed ShadoSuite to process trades, act as an accounting system and reconcile with the street.

Fulcrum is a fund administrator with extensive product knowledge and experience in the offshore hedge fund industry. AIS and Fulcrum partnered together to provide AIS clients interested in off shore investments the level of specialty that Fulcrum offers as an off shore fund manager. Jeremy Bond of Fulcrum said that they have been using ShadoSuite for about three years and that they recommended ShadoSuite to AIS. Fulcrum licensed ShadoSuite three years ago and prior to that had helped contribute to the development of the accounting and management reporting capabilities of ShadoSuite, which helped ensure that the system fully met their needs. AIS started testing with ShadoSuite in February 2002 and went live with the system in April 2002. At AIS Tiomkin said that so far everything has work flawlessly and that he is very happy with the product.
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ShadoSuite provides trade and position management for custodial/prime brokerage accounts as well as trade processing, position management, settlements and multi-currency accounting for a wide range of global products. ShadoSuite calculates carry costs and fees payable and the income, expense and carry costs can be attributed to the specific position in a trading strategy. ShadoSuite is based on Oracle Relational Technologies and operates on a Microsoft Windows Platform with three-tier client server architecture.

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