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April 27, 2020 | Case Studies

New York-based fund raises $1.5 billion launch with Enfusion

New York based long/short equity manager (HF) launched in 2014 with $1.5 billion making it one of the highest profile launches of the year

Client Summary:

New York based long/short equity manager (HF) launched with $1.5 billion making it one of the highest profile launches of the year

Background:

Raising $1.5 billion at launch requires a world-class infrastructure, supported by top quality personnel and best-in-class service providers. Recognizing this, HF set-up operations with a highly experienced staff including several senior members who joined from sizeable long/short equity shops. In addition to high caliber employees, HF selected best-in-class service providers such as Prime Brokers, ISDA Counter Parties and an Administrator. To choose a Portfolio Management system, HF embarked on a month’s long due-diligence process. HF’s staff

had experience working with multiple legacy platforms that were locally installed with each system only serving one purpose e.g. one system for Trading, one system for Shadow Accounting, one for Risk etc. While commonly accepted in the past, HF recognized that this set-up was a recipe for inefficiency and operational risk which prompted their search for a cloud-based, fully integrated front-to-back solution.

Enfusion Provides:

After months of due diligence, HF found Enfusion’s all-in-one, cloud-based platform to be the optimal solution. Key benefits included:

  • Significant Cost Savings
    • By utilizing Enfusion, HF built technology infrastructure with one vendor for the entire front-to-back office workflow.
    • Enfusion automated and streamlined many manual processes allowing HF to maintain a lean staff.
    • Being cloud-based, Enfusion enabled HF to forego the costly maintenance of locally installed systems/hosting/backup costs and consultant fees.
  • Streamlined Operational Efficiency 
    • HF benefitted from one internal data set across the front, middle and back-office – ultimately eliminating confusion between teams.
    • Enfusion’s high-touch support model (every client is assigned a team in their time-zone of 4-5 people and a team lead) made for quick and each resolution of HF’s queries.
  • Continuous Innovation 
    • With a weekly release cycle, Enfusion is continuously improving the platform with new technology based on client feedback.

Expanding the Relationship:

After years of a successful partnership and an excellent experience on the Enfusion platform, HF has been a tremendous advocate for Enfusion. HF’s feedback on Enfusion has also helped shape our development pipeline which benefits all clients on our multi-tenant database.

Enfusion Provides:

HF approached Enfusion with the original idea to integrate Enfusion’s OMS with their current accounting system. However, after learning more about Enfusion, HF decided the seamless all-in-one platform was more suited to their immediate and future needs. In addition to OMS and Accounting, Enfusion provided –

  • Substantial Savings 
    • Enfusion’s single data set and complete front-to-back functionality, provided substantial savings for HF as they only needed one system.
  • Automated Workflows 
    • Enfusion’s accounting functionality allowed HF to run reports directly from the system instead of relying on Excel exports.
    • Given HF’s complex trading profile, Enfusion’s corporate action tool automated and streamlined even the most intricate processes.
    • Customizable columns gave HF the flexibility to return preferred values of their choice for various instrument types.
    • Enfusion’s FIX connectivity allowed HF to trade directly with their brokers.
    • Built-in pre-and-post trade compliance facilitated HF’s need for advanced monitoring.

Visit www.enfusionsystems.com for more information.

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