The robots have arrived. They aren’t out of a sci-fi movie, but rather are working on the growing demands from hedge fund managers for their fund administrators to incorporate more technology, automation, and robotics into their processes.
Hedge fund managers are increasingly asking for a range of performance information and analytics, including daily net asset values (NAVs), data aggregation and transparency for limited partners, as well as data for regulatory and compliance reporting, says Bill Salus, CEO of Paddock Consultancy, which focuses on the fund administration market. And that’s causing a “massive shift” in the technology that administrators have to offer clients.
The move to incorporate greater technology and automation comes as hedge fund assets under administration have continued to grow, hitting $4.3 trillion for the first time earlier this year, as reported.
Robotics process automation and back offices are a “marriage made in heaven,” says Jon Hugill, group information systems head at Maitland, a fund administrator.