NEW YORK – Maxim Group, a brokerage firm that provides services to hedge funds, investment advisors, and high net worth individuals, has selected SunGard’s VPM to service its client’s accounting and reporting needs.
Maxim Group is using the solution currently and its implementation took three months to complete, according to a press statement.
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The VPM solution physically stores all of Maxim Groups investment activity to provide the firm with accurate information, transparency into data and holdings, and foresight to adapt trading strategies.
As our investor requirements continue to call for increased transparency and reporting for hedge fund portfolio accounting, our need grew for a powerful, user-friendly product with a highly scalable infrastructure. We chose SunGard based on the strength of its name in the industry and recognition amongst top tier hedge funds,” said Seth Michaels, managing director, head of prime brokerage services, Maxim Group.
Michaels continued, “Additionally, VPMs comprehensive product offering connecting the front to back office operations as well as its scalability and lower total cost of ownership made SunGard our first choice of providers.
This implementation is significant and is a testament to the prime brokerage industrys need for transparency and automation. Streamlining Maxim Groups back-office accounting and investor reporting with a scalable platform helps reduce operational risk and increase business efficiency, saidScott Alintoff, chief operating officer, VPM, SunGards Asset Management Business.
Maxim Group, based in midtown Manhattan, has been a SunGard customer for 11 years. It currently uses SunGards Global Network and SunGards Valdi pre-trade compliance system, according to SunGard claims.
