Eze Castle Integration said it has created a new subsidiary called Ledgex Systems to pull together performance data for managers of funds of hedge funds, pension plans and private equity funds.
The subsidiary will be headed by Mark Coriaty, former director of professional services for ECI, which specializes in providing IT consulting and integration work for hedge funds, pension plans and private equity funds.
Ten employees of ECI’s professional services group have moved over to the new company and Coriaty will continue to report to John Cahaly, chief executive of ECI in Boston. ECI has not announced a replacement for Coriaty who has been with the firm since 2003.
“The goal is to promote Ledgex Systems as a software package apart from traditional professional services work,” Coriaty told Securities Technology Monitor. He declined to specify the number of fund of fund managers, pension plan managers and private equity fund managers using the Ledgex platform which was developed two years ago.
Coriaty also declined to disclose how much funding Ledgex received from its parent but said that it will continue to receive technical and back-office support. Ledgex Systems, which has its own sales team, is targeting its own parent company’s clients and external ones as well.
Ledgex aggregates daily, weekly and monthly data for fund of hedge fund managers, pension plan managers and private equity fund managers from multiple underlying fund managers in a common automated format so it can calculate performance, net asset valuations, and risk metrics.
“The Ledgex platform allows fund of funds managers, pension plan managers and private equity managers to collect data from underlying investments and use Ledgex to aggregate and streamline the data in order to perform their daily workflows,” says Coriaty.
Just as important, the information will be collected in a single data warehouse rather than multiple ones and allow for access from middle and back office operations executives. Ledgex will alert them as to what data has been received when and what data is missing. Using traditional communication methods, such as Excel, Word and email, is not only time consuming but can also easily result in errors in client reporting, estimated net asset value calculations and risk metrics, says Coriaty.