Northern Trust has announced the setup of a worldwide partnership with financial applications company youDevise, it will offer funds of hedge funds daily portfolio management data. Typically, funds of hedge funds ("FoHF") can only get this type of information from their administrators on a monthly basis and without nearly as much detail.
"The combined Northern Trust-HIP solution represents a tremendous step forward in management information systems for the US$1.5 trillion global fund of hedge funds industry," said Wilson Leech, head of Northern Trust's Global Fund Services group. He noted this development comes at a particularly crucial time for the industry as it faces increasing demand from institutional investors for more transparency, governance, and detailed reporting.
The HIP will be fully integrated onto Northern Trust's single, global technology platform so that FoHF clients can obtain daily information about their hedge fund holdings, current value, performance, liquidity, hedging, and a detailed breakdown of assets and transactions. The information will be accessible through Passport, Northern Trust's interactive web portal, which provides clients with secure access to account information and portfolio reports.
"As a result of this integration, funds of hedge funds will no longer have to run shadow accounting and will have online access to data which will have been fully reconciled against, and integrated with, the official month-end NAV(i)," said Peter Cherecwich, head of Global Product and Strategy for Northern Trust's asset servicing business. "This supports Northern Trust's drive to offer comprehensive asset servicing capabilities to the global fund of hedge funds industry."
28 Jan 2008
President Bush' Economic Stimulus Package
Stephen Horan, CFA, head of private wealth for CFA Institute, commented today on the economic stimulus package proposed by President Bush and the U.S. House of Representatives.
“What’s interesting about this proposal is the yet-to-be-determined impact it will have on the soft housing market and the durable goods sector,” said Horan. “The more than $200,000 increase in the jumbo mortgage limits is significant because it might provide some refinancing opportunities to homeowners who are finding it difficult to pay their existing mortgage. Banks, knowing that they can possibly repackage these jumbo loans and sell them back to Fannie Mae or Freddie Mac, might now be willing to refinance at lower rates.”
Horan added that “when it comes to the impact consumer spending will have on sector performance we may possibly see improvements in the consumer non-durable sectors, such as retail. However, time will tell how this plays out.”
“What’s interesting about this proposal is the yet-to-be-determined impact it will have on the soft housing market and the durable goods sector,” said Horan. “The more than $200,000 increase in the jumbo mortgage limits is significant because it might provide some refinancing opportunities to homeowners who are finding it difficult to pay their existing mortgage. Banks, knowing that they can possibly repackage these jumbo loans and sell them back to Fannie Mae or Freddie Mac, might now be willing to refinance at lower rates.”
Horan added that “when it comes to the impact consumer spending will have on sector performance we may possibly see improvements in the consumer non-durable sectors, such as retail. However, time will tell how this plays out.”
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