As institutional money flows into the fund of hedge funds industry, fund managers and their service providers are beginning to recognize the need for greater automation and standardized messaging.
"Straight-through processing will enable funds of funds and their administrators--as well as single hedge funds--to exchange data electronically, eliminate duplicate entries, refresh results instantly, enter data rapidly and in bulk, and interface to administrators and banks for reconciliation," says James Freeman, senior relationship manager at Key Asset Management (KMA), a London-based fund of funds with $3.3 billion under management.
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