SOURCE: Advise Technologies, LLC

September 06, 2012 09:00 ET

Majority of Hedge Funds Successfully Complete First Form PF Filing With Advise Technologies

Funds Representing Over $900 Billion in Private Fund Regulatory Assets Under Management Achieve Regulatory Reporting Milestone

NEW YORK, NY--(Marketwire - Sep 6, 2012) - Advise Technologies LLC, a software solutions provider for global regulatory compliance, today announced that the majority of hedge funds, representing over $900 billion in combined private fund regulatory assets under management (RAUM), successfully filed Form PF for the first time using its Consensus RMS solution. August 29, 2012, was the first deadline for registered investment advisers of over $5 billion RAUM to file Form PF for their private funds with the Securities and Exchange Commission.

Part of the Dodd-Frank Act, Form PF requires private fund advisers registered with the SEC to, for the first time, submit reports containing detailed information about their funds, including everything from risk exposure to trade data, from treasury information to investor relations details, with the goal of giving regulators insight into systemic risk and regulatory oversight of individual firms. In the next phase of the rule, advisers that manage at least $150 million RAUM in private funds will need to file either 60 or 120 days after year-end, depending on fund size.

"This is the first time hedge funds have had to disclose this level of information, and it's caused a tremendous amount of angst," said Doug Schwenk, founder and CEO of Advise. "The average fund manager has to produce 20-plus pages of thousands of numbers for Form PF. Instead of tackling it on their own, firms are best served to institute road-tested, quality systems that help make this painful task manageable."

Developed by hedge fund industry professionals, Advise's Consensus RMS suite of regulatory reporting solutions enables firms to interpret, aggregate and normalize data from disparate sources to electronically file Form PF. The solutions feature an advanced calculation engine, automated data input, error checking, workflow and permissioning controls, standard and custom reports, audit trail, data storage, and electronic form submission.

About Advise Technologies
Advise Technologies, LLC, provides proven software solutions that facilitate global regulatory compliance for the investment management community. Through its Consensus RMS suite of desktop solutions, Advise supports a full range of global regulations including Form PF, CPO-PQR and CTA-PR in the United States and the AIFM Directive in the European Union. The firm also provides a complete document management system through Vault, which helps locate, track and automate key documents and regulatory exams. Built by financial industry veterans, Advise empowers clients to automate traditionally resource-intensive and error-prone processes to ensure intuitive, fast and cost effective electronic regulatory reporting. The firm is headquartered in New York. For more information, please visit www.AdviseTechnologies.com.

Contact Information

  • Jennifer Harlan
    Articulate Communications
    Email Contact
    (212) 255-0080 ext 13