Derivatives Portfolio Management (Bahamas) Ltd. and Oceanic Fund Services have announced the formation of a service provider, Funds Clearing (Bahamas) Limited, to assist local fund administrators with a full range of back office services.
Fund Administrator DPM services the growing hedge fund market with a suite of services that include daily investment accounting, financial reporting, multiple broker and trader reconciliation, systems- generated net asset value (“NAV”) calculations, risk transparency and other fund administration services. Oceanic Fund Services is a fund administrator and subsidiary of Oceanic Bank and Trust Limited.
*”In recognition of DPM’s advanced, Internet-enabled technology and fund administration services, including daily investment accounting and NAV calculations, Oceanic decided to outsource the back office accounting of our Stars Funds to DPM,”* said Bruce Bell, Managing Director of Oceanic. *”The ability to provide our investment management group with full transparency and key investment data on a daily, rather than monthly basis, was the prime motivator in considering DPM’s outsourcing solution.”*
Robert Aaron, Chairman and CEO of DPM, added *”In today’s rapidly changing business conditions, outsourcing to specialists is becoming commonplace—in global custody, asset management and fund administration. In conjunction with Oceanic, which has had a presence in The Bahamas since 1982, we are offering a wholesale back and middle office solution to fund administrators in Nassau to enable them to take on new business, reduce the business risk, contain their costs and improve service, using our Web-based platform.”*
Funds Clearing (Bahamas) Limited will enable local fund administrators to migrate applications to the Internet, to process transactional activity electronically, to receive daily portfolio reports marked to market and daily NAV calculations. As investors are looking for increased transparency, especially in the managed funds segment of the industry, the use of the Internet as a processing and communication tool has introduced a new set of standards in fund administration.
Bill Thomson, Vice President- Investments at Oceanic, commenting on the industry’s legacy systems, said, *”The fund administration industry is burdened with antiquated systems and time consuming manual processes, which are inappropriate and inefficient in today’s environment. Our own clients are demanding greater transparency, daily and in some cases, intra-daily NAVs. The world of fund administration became a whole lot more competitive with the advent of Internet-enabled systems. Fund administrators are being forced to adopt new performance standards and expensive system changes, while facing pressure to reduce fees. Funds Clearing (Bahamas) Limited has the solution.”*
Photo shows left-to-right Directors and Officers of Fund Clearing (Bahamas) Limited: Bill Thomson, Director; Lindsey Cancino, Director and President; Nicola Thompson, Vice President and Treasurer; Terah Rahming, Vice President; Matt Gibbons, Director; and Bruce Bell, Director.