10% Of Hedge Funds Mull Administrator Change

Feb 4 2010 | 12:39pm ET

There could be a good deal of turnover in the hedge fund administration space, according to a new survey.

According to TKS Solutions, which is marketing a new version of its administration software Penny, many hedge funds are unhappy about the timeliness and accuracy of partner and shareholder accounting reports.

The reports states that one in 10 hedge funds have considered switching administrators over the past year as a result of those shortcomings.

“Based on feedback from our hedge fund customers, we discovered that many administrators were still struggling under the weight of convoluted spreadsheets,” Ronald Kashden, TKS president, said. “By expanding Penny’s partnership and shareholder accounting features to factor in administrator needs we could give them the efficiencies and improvements in accuracy that their customers are demanding in this economic climate.”

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