Finetix, a leading IT consulting firm to the financial services industry for over 12 years, today announced its partnership with Cadence Capital Group LLC, a New York based hedge fund specializing in options, aggressive long-short and delta-neutral strategies. The first of its kind initiative is designed to both enrich Finetix' hedge fund service offering and to give Cadence access to a deep pool of consultant resources with over 500 years of financial technology expertise.
With global hedge fund investment in IT projected to reach $3.3 billion by 2009*, hedge fund managers are increasingly looking to technology for sophisticated trading and execution capabilities, risk management, customer relationship management and reporting. By coming together in this way, Cadence and Finetix aim to remain ahead of the curve in the ongoing evolution of both investment strategies and the underlying operations and technology to support them and the needs of their clients.
David Chapman, Chief Technology Officer at Finetix, comments, "By partnering with a fund as focused on innovative strategies and fund operations as Cadence is, Finetix will be able to continuously align our technical knowledge with the changing needs of hedge fund managers. In this rapidly changing financial environment, Cadence's insight will help us continue to build out our successful hedge fund practice and continuously improve the agile delivery of the cutting edge solutions that managers need."
"Financial technology is increasingly becoming a front-office initiative particularly in the hedge fund arena and is key to maximizing efficiency and scalability of our operations. By working with Finetix, we will gain a competitive edge and improve our capabilities, providing us with an increased ability to generate alpha," comments Dmitry Babayev, Co-founder and Portfolio Manager of Cadence. "This partnership brings together two powerful resources - Finetix' operations and technology insight and our deep understanding of complex hedge fund strategies."