Rex Capital Advisors taps Fortigent for data reconciliation and reporting. Providence, R.I.-based multifamily office Rex Capital Advisors (RCA) has chosen Fortigent to provide client investment-data reconciliation and performance reporting.

RCA -- a provider of investment advice, financial, estate and tax planning and risk-management services to families and individuals with at least $15 million in investment assets -- selected Fortigent after "an exhaustive search" for a reporting-platform provider because of its "high attention to detail, extensive reconciliations, and commitment to investing in a state of the art technology platform," according to RCA's CEO Arthur Duffy. "Many of our clients have large movements of money intra-month, as well as complex hedge fund positions [for which] accurate reporting is essential."

Working with Fortigent -- a firm with "the experience and systems to handle these types of situations and provide accurate reports" -- frees RCA "to focus more on our clients' investing needs and [on] our business," adds Duffy.

A la carte

Fortigent's ability to meet its clients' "complex reporting needs, especially with hedge fund and other alternative positions," is a distinct competitive advantage for" the firm, according to its technology chief Jamie McIntyre. "We have been reporting on these types of assets for well over 10 years."

Most of Fortigent's clients use its investment-platform capabilities -- manager research, monitoring and access plus advice on asset allocation and location -- in addition to performance reporting. But with RCA -- a firm that views its own investment-consulting capabilities as an integral offering -- its mandate is strictly for reporting.

Fortigent -- which began as the in-house investment platform of Lydian Trust -owned multifamily office Lydian Wealth Management (now City National Bank 's Convergent Wealth Advisors) -- is a competitive oddity. As an investment-platform provider it competes with firm's like Pershing's Lockwood, PNC's Advisorport, Adhesion Wealth Advisor Solutions, Envestment and GlobalBridge. As a data aggregator and performance-report provider to firms that serve high-net-worth and ultra-high-net-worth clients, Fortigent competes with outfits like Rockefeller & Company 's Rockit Solutions, Fidelity's Family Office Services and WealthTouch.

Among firms that have recently signed on with Fortigent strictly for its reporting capabilities are Menomonee Falls, Wisc.-based Richardson Financial Group 's Capital Management division and Morristown, N.J.-based Massey Quick Wealth Advocates.

Fortigent charges its clients a combination of fixed annual retainers and -- for access to certain managers, specialized investments and its unified managed account platform -- fees on assets under management. The size of the fixed fee depends on the "scope" and degree of complexity of the relationship, according to Fortigent's sales and consulting head Gary Carrai.

Rockville, Md.-based Fortigent has more that 50 institutional clients and about $20 billion in end-client assets on its platform.

RCA had $389 million in assets under management in December 2008, according to its latest ADV filing with the SEC. -FWR

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