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Woodfield Fund Administration selects Smonik to support client reconciliations

Woodfield Fund Administration, an independent third-party fund administrator, has chosen Smonik RECON to support the portfolio reconciliation needs of its diverse group of investment management clients. 

Woodfield’s selection of Smonik RECON comes as investment managers are increasingly broadening their investment strategies across regions and asset classes in pursuit of investment returns.   To support more dynamic investment strategies, firms must be able to quickly and easily modify middle- and back-office processes to minimise risk and ensure operational efficiency in the new market environment.
Smonik RECON’s platform design enables Woodfield to quickly onboard new clients providing them with straight-through processing of trade reconciliation from data retrieval to matching and handling exceptions to comprehensive reporting. The solution provides Woodfield with a high degree of service customisation capabilities that can easily accommodate new instruments as their clients’ investment strategies change. 
RECON improves operational efficiency by automating the time-consuming, often manual, task of retrieving, normalizing and uploading multiple formats of essential data from prime brokers, custodians and administrators. By automating the complete reconciliation process, users are able to reassign internal resources to focus on the core business of investment management.
“Today’s market environment requires that investment managers have the flexibility to adjust their strategies as new opportunities arise,” says Frank Franiak, president and chief executive of Woodfield Fund Administration. “Our clients look to us to ensure that their middle- and back-office systems and workflow processes are just as nimble. By leveraging Smonik RECON, we are able to easily tailor our reconciliation services to support the individual needs of out our broad and dynamic client base.  RECON’s easy to use interface reduces the time to make adjustments to reconciliation platform allowing us to focus our efforts on serving all our clients’ needs.”
Tristan Rock, managing director of Smonik, says: “We are pleased to be working with Woodfield to help support the dynamic reconciliation needs of their growing client base. By removing the operational systems burden that many firms face when having to add functionality to legacy reconciliation systems, we are able help Woodfield and its clients spend more of their time on customer service and alpha generation.”

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