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From Kirsten Bischoff, Opalesque New York:

Financial reporting has changed drastically in the last five years. It has gone from auditors preparing reports to the funds doing it themselves. Today, it can be a significant demand on the back office that is still struggling with complex reporting requirements -- and it is only getting worse.

“Hedge funds are facing additional requirements due to increased regulation,” said Scott Powell, Product Manager of Confluence, a firm with offices in the U.S. and in Europe that provides investment data management automation software. “Moreover, funds with multiple distribution strategies must report in multiple jurisdictions—and deal with the complexities in each of those jurisdictions. More asset managers are expanding their intellectual capital through different distribution vehicles, and by doing so, they are only creating additional reporting challenges for themselves.”

Powell, who led a panel at the Hedge Fund Accounting, Auditing, and Administration Forum held in New York City last week, told Opalesque that asset managers should be focused on running their funds and making a return, but they now must turn their attention to deploying resources to address more complex reporting. “They require one solution that can handle reporting in multiple domiciles,” he noted.

As more mutual funds take the leap into incorporating hedging strategies, hedge fund manage......................

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