On December 4th, in a ceremony at the Marriott Marquis in New York, SS&C Advent took the honors for “Best Collaboration Initiative” in the American Financial Technology Awards. The award recognizes the culmination of an ambitious joint effort between SS&C Advent and long-time client Maitland, a global fund administrator, to develop an end-to-end solution for administering complex hybrid alternative investment structures.
The two firms embarked on the project in response to the rapid growth of hybrid fund structures – closed-end private equity funds that employ trading and hedging strategies associated with hedge funds. Hybrid structures tend to focus on illiquid investments, which create complex operational and data management requirements that make them more challenging to administer. Maitland saw this challenge as a business opportunity and was working on a solution that would enable the firm to expand its offering into this growing market.
SS&C Advent, meanwhile, was working on enhancements to Geneva® World Investor specifically to address investor accounting and servicing needs for hybrid funds. When the firms met and discussed their shared objectives, it simply made sense to collaborate. The resulting solution enables Maitland to service hybrid fund clients on the same platform that supports its traditional hedge fund business, without the need to build a separate solution dedicated to hybrid funds.
Hosted by Waters magazine and WatersTechnolgy.com, the American Financial Technology Awards (AFTA) recognize “excellence in the deployment and management of financial technology within the asset management and investment banking communities.” The Best Collaboration award specifically acknowledges “a technology vendor that has worked in close collaboration with a capital markets firm on a specific project over the course of the last 12 months.”
Collaborating with clients is a cornerstone of our product development process at SS&C Advent. It helps ensure that we deliver solutions that enable clients to realize their visions. In this case, it enabled both firms to tap into a growth market and gain a first-mover advantage with an innovative, elegant solution for servicing hybrid funds and their investors. We are grateful for this recognition, and especially grateful to our friends at Maitland for this collaboration opportunity.