Indian IT services provider Patni Computer Systems has introduced an operational fund accounting service intended to alleviate the challenges of back office operations that buy-side firms face on a daily basis.
According to the company, 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 business process outsourcing capabilities that include continuous management and governance controls to ensure the quality and efficiency of data and operations.
Two additional solutions will be introduced subsequently, focused on outsourced hosted global reconciliation services and financial controls reporting, said Patni.
Patni claims that 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.
Fred Cohen, global head of asset management practice at Patni, said: Challenges facing the buy-side industry are growing with increased regulations, caution in the marketplace, and heightened competition. Outsourcing commoditized, critical and non-core back office tasks will enable these firms to focus on the changing market conditions and serving their customers. The operational fund accounting service developed by Patni provides a more affordable approach to solving these challenges.
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