As the fund-of-hedge funds industry witnesses a decline in assets under management, savvy managers and their service providers are quickly embracing greater automation to ensure they can aggregate tons of data on underlying funds and their managers, and deliver that data to institutional and individual investors.

Just last week Eze Castle Integration, a software and hardware integrator for hedge funds, launched a new subsidiary called Ledgex to sell technology to the market. "Spreadsheets and faxes simply won't cut it any longer. The amount of data is simply too great, leading to a high potential for error," said Mark Coriaty, managing director of Ledgex in Boston.

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