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SS&C GlobeOp creates new group to service hybrid fund structures

Financial services software and software-enabled services provider SS&C GlobeOp has created a new group to support fund administration, accounting and reporting for hybrid fund structures.

The industry continues to witness the convergence of the traditionally separate asset classes of hedge funds and private equity style closed-end funds. More and more funds include fixed income assets such as bank loans and distressed debt held in a private equity structure with a waterfall mechanism and capital calls. Other examples include private investments as part of a hedge fund portfolio strategy or a fund-of-fund investing in private equity investments, and trading in securities through managed accounts. Also large asset management firms may have both hedge and private equity style funds and seek common systems to manage reporting formats, investor information and workflow.  SS&C has long serviced such complex funds and has automated the accounting rules, fee parameters and various other highly technical features of these funds. The new group comprises of SS&C’s experts in this area to target delivery of this service to the growing market. 
A spokesperson for William Harris Investors, Inc. (WHI) and customer of SS&C GlobeOp, says: “WHI has been very pleased with SS&C’s expertise, breadth of experience and overall quality of service. We have been able to leverage SS&C’s powerful technology to meet our reporting and analytical needs. The importance SS&C places on clients’ needs, along with its flexibility and versatility in dealing with multiple types of complex entities, confirms we made the right decision engaging SS&C as our fund administrator.”
“Formalising SS&C GlobeOp’s organisation which delivers a myriad of products and services aimed at complex, hybrid structures will allow us to better serve this universe of funds,” says Renee Mooney, Senior Vice President, SS&C GlobeOp. “George Schnell has 15 years’ experience in dealing with these structures and he brings a talented team of accounting, finance, legal and technology professionals to deliver world class solutions.”
Led by George Schnell, Vice President, SS&C’s hybrid fund services group will be responsible for setting up automated workflows, providing expertise in structuring and consulting on such funds. The team will also facilitate the onboarding of those funds.

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