SAN JOSE, Calif., Aug. 25, 2020 /PRNewswire/ -- Harmonate announced today its selection by 4Pines Fund Services to provide data operations services for high-touch private equity fund administration.
"The unprecedented events of 2020 are driving an evolution in the secondaries market, new advances for funds of funds, and new ideas among emergent asset managers," said Harmonate CEO Kevin Walkup. "Michael Trinkaus and the team at 4Pines Fund Services are at the forefront of the corresponding evolution in fund administration. 4Pines is that perfect match of exceptionally gifted and experienced industry professionals, augmented by the kind of ground up technology infrastructure that allows them to do their best work at greater scale, and deliver greater value. 4Pines is emblematic of what the best of the fund services industry increasingly looks like, and we're committed to accelerating that."
"Harmonate aligns with our vision of providing asset managers with the benefits of unique expertise backed by innovative software architecture and data solutions," said 4Pines Fund Services CEO Michael Trinkaus. "Our industry experience and technology solutions transform data driven financial and reporting operations. This allows our clients to focus on their expertise and ideas that highlights their key market differentiators. As data fluent investors press for more transparency, 4Pines Fund Services allows funds to break through the limits of complex pre-digital approaches."
While legacy fund administrators are experiencing increasing pricing pressure, and struggle to provide value-add services that represent new sources of revenue, Harmonate is supporting the rise of new advanced fund administrators. These advanced fund administrators have developed a reputation for focusing on process efficiencies and margin enhancement, including data operations to drive business improvement.
The launch of Harmonate's Conductor data operations product for fund administration was marked by a demonstrated full-scale capability to provide 20 percent cost savings in year one of implementation, and 80 percent savings in ensuing years. Conductor has also shown capacity to reduce reporting delivery timelines by more than 80 percent, from two weeks to 24 hours.
Harmonate does this through proven automated data extraction from general ledger systems, statements and balances, providing data normalization, creating specialized data warehouses, and intelligently feeding client dashboards, reports and service level agreements. Outputs are also configured for internal general ledger administration, enterprise resource planning and reporting. Harmonate's data aggregation process encompasses configuration of schedules, data sources, reference data and master data. This provides reporting on expected and actual results to support management through straightforward dashboards.
Harmonate is a data services platform for funds that frees operations from the limits of legacy systems, and closes the information gap between fund managers and investors, as well as between funds and the public sector. The company's purpose-built solutions streamline middle office processes — simplify complex, high velocity transactions, and help ensure security and regulatory compliance through each step of a fund's life cycle.
With its proprietary fundstech platform and leveraging more than 15 years of specialty financial administration leadership, Harmonate is helping define best practices in each of the markets it has supported. Today the Harmonate platform is used to service more than 800 funds, and administers more than $20B annually. For more information, please visit harmonate.com.
Contact: Christopher Gale, 2035704681, [email protected]