Patni Debuts Fund Accounting Service
Patni Computer Systems has released an Operational Fund Accounting Service designed to alleviate the challenges of back office operations that buy-side firms face on a daily basis. As asset management firms continue to look for ways to reduce costs while staying focused on areas of core expertise, the new service will manage these critical back-office functions that ensure data consistency, accurate financial reporting, customer data security and privacy, freeing customers to build their businesses.
Patni is currently managing back office accounting for 450 portfolio funds on behalf of customers within the hedge fund and mutual fund industries with more than $325 billion of assets under management. Patni is applying this expertise with the Operational Fund Accounting Service as part of a new cost savings suite for the buy-side industry. Two additional solutions will be introduced subsequently, focused on ‘outsourced hosted global reconciliation services’ and ‘financial controls reporting’.
The Operational Fund Accounting Service is designed as an operational cost take-out to assist fund accounting firms in maintaining their competitive edge. The service combines IT outsourcing and BPO capabilities that include continuous management and governance controls with use of Six Sigma processes.
The suite of services offered will benefit investment managers, administrators, brokers and dealers managing such tasks as trade and cash reconciliation, flexible and accurate reporting, reference data management and fund accounting.
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