Firm: Direct Access Partners, an institutional firm that offers multi-asset trading and prime brokerage.
What: Direct Access now offers its clients Paladyne FastStart, a broker-neutral platform for hedge funds covering electronic trading, order management, pre- and post-trade compliance and automated reconciliation to counterparties.
When: The services partnership was officially announced on July 26.
Background/Why: Infrastructure and technology have become a bigger part of what investors are looking for in hedge funds, according to Richard Fremont, director of domestic sales for Direct Access Partners. “With Paladyne, it was a great marriage of two organizations, given the fact that we trade multiple asset classes across the globe, and they can accommodate the accounting, the reporting and the management of multiple assets classes,” Fremont said.
Prospects/Expectations: It’s scalable. Allowing smaller hedge funds access to the same tools used by their larger competitors will ease the transition down the line, preventing them from having to bring in a new suite of products as they get larger, Fremont said.
How It Works: Direct Access said it is fully integrated with Paladyne FastStart, so it should be an easy migration for clients, as their prime broker will already be connected to the suite of products.
