Licensing & Consulting Expand Client Alternatives to Already Robust Offerings
Viteos Fund Services today announced the launch of veriPFy, its latest delivery method for Form PF. veriPFy is a comprehensive and customizable technology offering for Form PF compliance. It can be delivered and deployed across firms of all sizes, at a client’s site, or as a software-as-a-service (SaaS) solution.
Asset managers today face increasing demands for reporting driven by regulatory filings and investors. Viteos is committed to building and providing technology coupled with service solutions to address these challenges. This approach enables hedge funds and traditional managers to engage with Viteos, thereby freeing them to focus on their core business and reducing costs.
veriPFy for Form PF is one of a series of technology initiatives that Viteos is implementing to address various regulatory requirements. Further developments will include technology solutions to comply with the new standards of OPERA and AIFMD.
Viteos was among the earliest firms to deliver a Form PF solution to clients, and is currently engaged with several firms and intermediaries who are 2012 filers. All of these engagements have been leveraging the internal veriPFy platform for delivery and Viteos has now built the ability to roll veriPFy out through the web.
With the delivery of veriPFy as an application, Viteos expands its clients’ ability to engage with Viteos in a variety of ways. Clients can: opt for full a service consulting engagement on Form PF; use veriPFy on a licensed basis; or use veriPFy simply for custom filing.
veriPFy is the first complete application-based solution to the challenges associated with Form PF, addressing all the data handling and interpretive challenges. veriPFy easily handles the entire aggregation and reporting for Form PF compliance or the XML filing. veriPFy leverages Viteos’ technology expertise in data warehousing, transformation and mapping, and is fully integrated with FINRA for automated filings.
veriPFy is driven by client preferences and needs. There is no one-size-fits-all solution for Form PF, which mandates data aggregation and reporting based on assumptions that are subject to interpretation. veriPFy automatically accounts for these assumptions and technologically incorporates all the interpretive exercises required, tailored to each individual firm.
Viteos CEO Shankar Iyer said: “Form PF is a complex time-bound task. It lies at the intersection of compliance and reporting, and its requirements cannot be met with a cookie-cutter approach. veriPFy suits the needs of individual clients, leveraging significant in-house domain knowledge, and a best-of-breed technology platform, and gives clients a range of options for implementation. Thus, veriPFy enables clients to focus on the high level business decisions related to regulatory issues rather than on the ‘tasks’ of data aggregation and reporting.”
Jonathan White, Manager, business development for Viteos, said: “Form PF represents an unprecedented challenge to hedge fund managers in the aggregation, normalization, and derivation of voluminous and diverse data components. To add to the complexities, Form PF requires individual fund managers to go through a process of interpretation, determining how the definitions apply to their specific business. From start to finish, the entire process can represent hundreds of man-hours, particularly for the first filing. Viteos has created flexible Form PF solutions to suit the needs of each individual client, all the way to final filing, and ultimately achieving a repeatable process."