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Paul Chain Bailey McCann, Opalesque New York:

Yearly financial statements take a significant amount of resources for both hedge funds and auditors. Typically a financial statement is comprised of a variety of excel spreadsheets providing account records and supporting documentation. The manual nature of financial statements construction often leads to human error adding further to the resources needed before an auditor will sign off.

According to a case study from Confluence released today, a global fund administration automation firm, there is a "new paradigm," emerging. AIS Fund Administration, a US-based fund administrator and middle and back office service provider, has automated financial statement creation with a new solution that merges Confluence technology with ShadowSuite to take a systemic approach to financial statement creation.

According to the Confluence study, AIS Fund Administration is the first service provider to fully automate this process and bring it in to a more controlled environment. I spoke with Paul Chain, President, AIS Fund Administration about their Automated Financial Statement Preparation (AFSP) solution and what it means for the hedge fund industry.

"Creating financial statements has always been a messy process relying on manually created and manually ......................

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