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Bailey McCann, Opalesque New York: Gemini Fund Services a New York-based fund administration, accounting, and transfer agency, is making a big shift in how it manages its fund administration platform. Kevin Wolf, President at Gemini, announced that the firm would be changing from State Street's fund accounting product PAM to SunGard's InvestOne, during the NorthStar Summit held this week in Nashville, Tennessee.
This is the first NorthStar Summit to combine representatives from all three NorthStar companies - Gemini Fund Services, Orion, and CLS Investments. NorthStar recently saw a significant investment from private equity firm TA Associates, and the effort to scale up all three companies was evident throughout the summit.
Gemini for its part plans to move some 200 of its fund clients over to InvestOne by the end of the year. Wolf said in his remarks that the move will allow Gemini to do more than simply provide a NAV, and is part of the firm's plan to respond to more frequent reporting requirements from the SEC. Once on InvestOne, funds will be able to make use of SunGard's StatPro portfolio reporting tool, which was also demonstrated at the event.
Gemini has also launched an internal sales desk to help its funds manage distribution and marketing.
"What we're really trying to do is fill gaps in the market," explains David Young, President of Gemini Hedge Fund Services and Gemini Alternative Funds, in an interview with Opalesque at th...................... To view our full article Click here
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