Singapore Hedge Fund Signs with Paladyne

Riley Paterson Investment Management, a Singapore-based long-short hedge fund manager with $340 million under management, has implemented Paladyne Systems' hosted order and portfolio management platform, Paladyne Portfolio Master.

According to Sameer Shalaby, CEO of Paladyne Systems, the platform provides Riley Paterson with functionalities such as compliance, real-time profit and loss monitoring, NAV reporting and automated reconciliation with prime brokers; Portfolio Master is also integrated with the manager's direct-execution brokers as well as its execution management system, Bloomberg EMSX.

"We have worked with third-party platforms before for a variety of functions and are generally comfortable with doing that," says Andrea Sorani, chief operating officer at Riley Paterson. "But one of the things we found as operations managers was that the fly-by-night approach of trying to get by using internally developed tools is a thing of the past. Sophisticated investors these days are demanding control and accountability and infrastructure, as well as robust and redundant systems. For a small or even a mid-sized hedge fund that is really hard to do internally."

According to Sorani, the fund decided upon Paladyne due to the system's ease of use, layout and flexibility after evaluating various products on the market. "From a platform perspective, with our firm being a small hedge fund without a dedicated IT resource, Paladyne's hosted delivery was also a benefit for us," he explains. "From a functionality perspective, even if Paladyne didn't offer absolutely everything we were looking for, it hit most of the critical buttons."

Paladyne Portfolio Master replaces another system at Riley Paterson which Sorani declined to identify.