Maxim chooses SunGard for prime brokerage accounting
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Maxim chooses SunGard for prime brokerage accounting 30 October 2013New York Reporter: Daniel Jackson
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Maxim Group, an investment banking and brokerage firm, has selected SunGard’s VPM. The accounting platform will help Maxim Group to improve its client service by providing portfolio accounting and reporting capabilities.
Maxim Group’s integration of the platform has been designed to deliver minimal reconciliation overheads. VPM physically stores all of Maxim’s investment activity to improve data accuracy.
Seth Michaels, head of prime brokerage services, said: “As our investor requirements continue to call for increased transparency and reporting for hedge fund portfolio accounting, our need grew for a powerful, user-friendly product with a highly scalable infrastructure. We chose SunGard based on the strength of its name in the industry and recognition amongst top tier hedge funds.”
The implementation of SunGard’s VPM was completed in three months. Maxim Group has been a SunGard customer for 11 years and also currently uses SunGard’s Global Network and SunGard’s Valdi pre-trade compliance system.
Scott Alintoff, chief operating officer of SunGard’s asset management business, said: “This implementation is significant and is a testament to the prime brokerage industry’s need for transparency and automation.”
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