Spectrum Implements New Reconciliation System

Wendy Spires

9 September 2009

Spectrum Global Fund Administration, the US middle- and back-office outsourcing and administration provider to hedge funds and funds of funds, has implemented Accurate - Fiserv’s automated cash and position reconciliation and exception management system.

Implementing Accurate enabled Spectrum to create a “single source of truth”, providing a full audit trail and enterprise-wide reporting, in addition to streamlining data files from multiple, external prime brokerage houses. The solution has enhanced daily reconciliation processes and controls and is being applied to all investment vehicles housed within the organisation, the firm said in a statement.

“We selected the Accurate solution from Fiserv as it fully supports our daily fund administration environment. Fiserv’s deep experience has resulted in a rapid implementation, creating a consolidated platform to standardize daily reconciliation processes, increase operational efficiency and provide greater visibility into transactions across the enterprise,” said Michael Griffin, chairman and chief executive officer, Spectrum Global Fund Administration.

Features of the Accurate suite include transaction matching, account reconciliation, exception and case management, account certification, balance sheet attestation, reporting, performance management and spreadsheet control capabilities.