SOURCE: youDevise

June 05, 2007 08:00 ET

Theta Capital Gets HIP From youDevise in Record Time

Amsterdam Firm Is First Continental European Installation of HIP Fund of Hedge Fund Management Platform

LONDON and AMSTERDAM, THE NETHERLANDS--(Marketwire - June 5, 2007) - youDevise Limited, a leading provider of on-demand applications for financial markets, today announced that Theta Capital Management B.V. has implemented the Hedge Fund Information Provider (HIP) as its primary management platform for Theta's tailor-made portfolios of hedge funds.

Tjeerd de Vries, co-founder of Theta, which manages more than USD $1 billion, called the HIP "extremely valuable for decision-making." Citing the quality and quantity of the information from the HIP, he said that "without touching a button, the HIP generates daily reports that give us a faster, more accurate snapshot of our Asset Allocation, Notice Days on Liquidity, and Forward Maturity for FX, plus weekly estimated performance reports for each account and FoHF."

As with many hedge fund asset managers, Theta previously relied on manually maintained spreadsheets, with self-programmed calculations and macros.

Richard Koppel, Managing Director of youDevise, said that the Theta deployment was an "out of the box" installation. "Within a record 60 days, and with virtually no modification required, the HIP was adapted to Theta's business, data from the firm's 20 managed accounts and portfolios of hedge funds were migrated to the new platform, and the system was tested and up and running, creating value," he said.

Mark VanDerToorn, Operations Manager of Theta, noted, "Rapid deployment is critical for a fund of hedge fund firm to maximize its return on investment of new technology. The HIP was so intuitive our team needed little to no training to begin using it on a day-to-day basis."

youDevise also announced that it is in the process of finishing a generic investor report writer as another time- and money-saving feature of the HIP, which Theta plans to use for communicating results to its institutional and ultra high net worth clients. In line with the "Guiding Principles for Risk Management of Alternative Investments," as recently released by the Dutch pension fund regulator, Theta views the HIP as a way to provide a fully transparent web-based portfolio risk monitoring and performance attribution solution to its institutional clients.

youDevise said that the fund of hedge funds industry is closely monitoring the HIP's progress. The HIP is quickly becoming the backbone for FoHFs implementing highly efficient straight through processing (STP) and electronic trading with banks and administrators, and the hedge funds in which they are invested. According to Barclay Group, FoHFs account for approximately $971 billion or 39% of the $2.5 trillion under management by the hedge fund industry.

"Theta is the fifth FoHF investment manager to standardize on the HIP, including London-based Key Asset Management, RMB MultiManagers, and Absolute Return Partners," said Owain McNeill, youDevise's Business Manager, Alternative Investments. "Collectively, HIP clients now manage a total of more than USD $7.5 billion of assets. In addition, Theta is the HIP's first installation in Continental Europe, leveraging our 24/7 worldwide capabilities, which also service more than 4,000 users of our Trade Idea Monitor at more than 150 sell and buy side firms in the US, UK, Europe and Far East."

About The HIP

Major capabilities of the HIP include Portfolio Management, for tracking and evaluating investments in underlying funds; Shadow Accounting for monitoring, reconciling and forecasting portfolio cash, payables/receivables, and FX balances; Liquidity, for determining how much cash is redeemable from hedge funds over time; and FX Hedging, calculating exposure, hedging needs and determining gains/losses on existing hedges. The HIP also provides compliance with investment guidelines, eliminates the need for multiple data entry, and enables automatic electronic feeds from external third-party administration and in-house systems.

The HIP is securely accessed using a standard Internet browser on an on-demand basis, and supports funds of hedge funds of all sizes and complexities. The web-hosted format allows for rapid deployment and exceptional security. Annual fees are a fraction of the cost of developing in-house systems. The underlying technology is the same as that employed by youDevise to build the TIM, as well as the Repository & Distribution Center (RDC) for Citigroup, Credit Suisse, Dresdner Kleinwort and Merrill Lynch. The RDC is an industry utility that enables the secure exchange of trade ideas between brokerage firms and their money manager and hedge fund clients.

About Theta Capital Management B.V.

Theta Capital Management B.V. (www.thetacapital.com) is an independent asset manager and investment advisor dedicated to the growth and preservation of client capital and focusing exclusively on hedge funds. Theta manages assets for private individuals, family offices and trusts and institutional clients. Co-founders are Tjeerd J.J. de Vries, having had a career in treasury management and corporate finance at a.o. Rabobank, Aegon Insurance and Swiss Bank Corporation (now UBS); and J. Tijo van Marle, an investment banker who has been managing director responsible for Benelux countries at Credit Suisse for the last 15 years.

About youDevise Limited

youDevise Limited (www.youDevise.com), based in London, provides web-based portfolio workstations for financial markets. The company's leading on-demand applications include the Trade Idea Monitor (the TIM), for the high-speed communication of equity trade ideas and portfolio ideas between institutional brokers and their money manager and hedge fund clients, and the Hedge Fund Information Provider (the HIP), the first commercially available portfolio management system for funds of hedge funds.

Contact Information

  • Contacts:

    Jeff McKenzie
    Public Relations, Anreder & Company
    Email Contact
    +1-212-532-3232

    Owain McNeill
    Business Manager, Alternative Investments, youDevise Limited
    Email Contact
    +44 (0)20 7826 4319

    Interviews can be arranged with Tjeerd de Vries, co-founder of Theta
    Capital Management B.V., or with Mark VanDerToorn, Operations Manager of
    Theta.