New York, San Francisco, and London, February 27, 2008 – Paladyne Systems, Inc., a leading solutions provider for the hedge fund industry, today announced it has licensed its PALADYNE™ product suite to Symphony Asset Management LLC, an investment advisor to a number of institutional accounts. Symphony has licensed the PALADYNE product suite to as its centralized reference and market data repository and firm-wide data warehouse and custom reporting solution. Symphony has also licensed Paladyne’s Integration Manager for integrating the PALADYNE product suite with its existing data vendors and internal applications.
Symphony will implement Paladyne Security Master™ as its centralized repository for global security terms and conditions including all listed and OTC security types as well as corporate actions; Paladyne Price Master™ as its centralized market data repository for time series analytics, rules-based pricing and valuation, and compliance reporting; and Paladyne Analytics Master™ as its firm-wide data warehouse and centralized reporting system. Symphony will leverage Paladyne’s Integration Manager to collect and store data from multiple data vendors, and for posting data into its accounting system, Advent Geneva®, as well as into its order management and loan management systems.
“Centralizing reference data and insuring the consistency of this data across a disparate set of applications is a significant challenge facing most hedge funds and one that it is manually intensive and error prone”, said Neil Rudolph, Chief Operating Officer of Symphony Asset Management. “By leveraging the PALADYNE suite of products and integration tools, we expect to have a complete middleware infrastructure that consolidates our firm-wide data and integrates with all of our data vendors and existing front, middle, and back-office applications.”
“We are excited to have Symphony as part of our growing client base and look forward to helping Symphony continue its successful track-record with more streamlined operational processes,” said Sameer Shalaby, Chief Executive Officer of Paladyne Systems. “The significant increase in demand for our middleware products over the past year signals a strong industry focus on centralized reference and market data and consolidated reporting.”
Paladyne and Symphony are currently working to implement the PALADYNE product suite.
About Symphony Asset Management
Founded in 1994, Symphony Asset Management develops and manages alternative and traditional investment strategies for institutional clients. Symphony applies a consistent investment process driven by risk-control techniques refined over many years. Over the years, Symphony has created a culture in which experience, integrity, consistent process, innovation, and performance work together to build institutional relationships.
About Paladyne Systems
Paladyne Systems, Inc. (www.paladynesys.com), a leading solutions provider for the hedge fund industry, develops and distributes technology designed to streamline hedge fund operations while providing business efficiency and cost savings throughout the organization. Paladyne offers a fully-hosted technology platform known as the PALADYNE™ suite which is capable of supporting the front- to back-office requirements of today’s most comprehensive hedge funds. The PALADYNE™ suite is an integrated set of applications including: order management, portfolio management, portfolio accounting, global security master, analytics toolset, comprehensive portfolio pricing, custom reporting, and customer relationship management. Paladyne was formed through an acquisition of its technology platform from a large US-based multi-strategy hedge fund.
CONTACT:
Media Contacts
Scott Alderson, Paladyne US Sales
(212) 616-4306
salderson@paladynesys.com
David Simmonds, Paladyne European Sales
+44 (0) 20 7153 4958
dsimmonds@paladynesys.com
Lisa Jane O'Neil, Paladyne Media
212-786-7629 or 917-361-8303
lisajane@ljoassociates.com