SunGard has expanded its prime services offering with the launch of Apex Prime, a global solution that helps new and established prime services providers better manage their day-to-day client processing and improve client services by helping maximize transparency, control and efficiency.
The dynamic between hedge funds and prime brokers is changing. Funds are varying their prime brokers and are looking for ways to diversify their risk, minimize costs and gain more visibility into the operational processes around the management of their assets. Both established and emerging prime brokers are therefore focusing on positioning themselves to respond to these new demands while remaining competitive and retaining existing customers.
Apex Prime is a new technology platform that offers prime services providers a single view of all hedge fund client activity, combining data held in numerous fragmented systems and spreadsheets. Apex Prime helps these firms to efficiently manage trade exceptions, view security and cash positions in real time, support flexible margining rules, calculate financing costs and generate consolidated billing and automated client reporting.
Axel Pierron, senior vice president, Celent, said, “As the prime services landscape continues to change and becomes more competitive, the need for a multi-asset class system that offers 24-hour multi-regional support has only increased. A prime services provider must be able to support hedge fund clients in various locations while providing a consolidated view of activity to help them meet new requirements from their customers and regulators.”
Craig Costigan, executive vice president in SunGard’s capital markets business, said, “The hedge fund industry’s increased use of multiple prime brokers has created business opportunities for new market participants including prime custodians and those with ‘boutique’ prime services offerings. SunGard’s Apex Prime can help new and established prime services providers deliver the global, real-time, cross-product service their clients demand with a low total cost of ownership and short time to market.”