Direxion Funds, a provider of alternative strategy mutual funds and exchange traded funds, is now using SunGard’s Protegent solution to monitor its staff’s use of social media. SunGard’s Protegent helps the firm by allowing its employees to take advantage of the opportunities offered by social media platforms while still complying with regulations such as FINRA notice 10-06.
Direxion Funds is using Protegent to help monitor and moderate its employees’ activity on platforms such as Facebook, LinkedIn and Twitter as well as their own websites. The firm will also use the solution to check for policy and Lexicon violations.
Andy O’Rourke, chief marketing officer at Direxion Funds said, “SunGard’s Protegent solution for social media surveillance offers an intuitive user interface, flexible features and easy implementation. Our compliance officers have greater confidence in allowing our employees to participate on social media. Protegent helps them monitor that activity and protect the firm from regulatory breaches and reputational risk.”
Steve Sabin, chief operating officer of SunGard’s Protegent business unit, said, “Social media platforms offer financial advisors a way to reach a new audience and interact with existing clients in a different way. SunGard’s Protegent solution helps firms like Direxion Funds take advantage of these opportunities while maintaining oversight of their employees’ activity on these channels.”