Northern Trust is a leading, global administrator of FoHFs with approximately US$50 billion of hedge funds under administration at March 31, 2009. Northern Trust employs youDeviseâs Hedge Fund Information Provider (HIP) online portfolio management system, which enables Northern Trustâs fund of hedge funds (FoHF) clients to track daily position information and other vital data.
âThe award recognised Northern Trust for outperforming its peers during 2008-2009 and demonstrating financial progress, growth and genuine innovation,â said Richard Koppel, Managing Director of youDevise and an expert in FoHF technology who co-developed the HIP. âWe are proud to see our client recognized for this achievement. Northern Trust was the first fund of hedge funds administrator to integrate our technology into its platform, and, in so doing, significantly advance its clientsâ ability to access more timely and accurate management information, while, at the same time, eliminating the need for error prone spreadsheets to track positions.â
Mr. Koppel noted this is the second time over the last few years that clients have won major industry recognition due, in large part, to their deployment of youDevise technology. In 2006, Trade Ideas Limited (TIL) was named overall winner of the Innovation of the Year category in The Banker magazine's Technology Awards for TIL's trade idea platform, employing youDevise's Trade Idea Monitor (the TIM). Trade Ideas Limited is an industry consortium owned by Citigroup, Credit Suisse, Dresdner Kleinwort, and Merrill Lynch.
The TIM enables more than 300 institutional brokerage firms around the world to send long/short equity trading ideas to more than 100 hedge funds and traditional asset managers, which in turn use the TIM to determine payments for the top-performing ideas they receive. The TIMâs âideabaseâ is the foundation of TIM Insight, a more useful short-to-mid term indicator of market direction than traditional consensus earnings estimates.