Welcome! This is the latest edition of i-P-A News, the free e - PDF by tqr19314


									                                                                 Volume 4. Issue Number 1

   Welcome! This is the latest edition of i-P-A News, the free e-newsletter from

i-P-A.com is an internet portal specifically designed for the investment analysts
community and our affiliates within asset management. It is presented thanks to the
efforts of seasoned practitioners within the Investment Performance Measurement
and Portfolio Risk profession, our affiliates within Client Reporting and Data
Management and also our service providers. The aim of this community site is to
further the profession and those within it.

We boast some of the industry's leading experts as i-P-A Partners of choice and have
affiliations with leading providers of services and products.

i-P-A.com provides a one-stop-shop solution, with easy navigation, to help to find
what you need.

In this issue we present:

       A summary article from Dario Cintioli – Head of Risk, StatPro. Market Liquity
       Risk; A Scenario Based approach.

       The i-P-A 60 Second Interview with Alexandre Harkous. CEO, Bi-Sam.
       Alexandre tells us about the latest Bi-Sam award, what is in the B-One product
       pipeline, the global expansion strategy and the client reporting service offering. In
       the rapid fire section there are some personal muses that are not to be missed.

       Information about Performance Measurement, Attribution and Risk
       Conference (Europe). 8th - 9th June 2010. London. Presented by The Journal of
       Performance Measurement and The Spaulding Group - in association with RIMES

       Information about StatPro Seven - the new Portfolios Analytics platform

       Final reminder about TSAM 2010 - Europe's largest buy-side technology and
       operations event. March 9th. London.

       Over 11,000 words of some of the latest market news from around the globe
       – making i-P-A.com a continued source for information on essential market
                                                                                 Volume 4. Issue Number 1

                                                           Dario Cintioli
                                                        Head of Risk, StatPro


This paper explains the StatPro approach for measuring Liquidity Risk. The traditional problem of
Liquidity Risk is that the data needed for calibrating these models is only available for liquid instruments,
trading on a regular basis and for which books of bid/ask and volumes are available. For this reason the
current approaches to measuring Liquidity Risk fail providing any indication for the most opaque and
illiquid instruments, or where the measurement of Liquidity Risk is mostly needed.
StatPro has introduced a new approach based on liquidity scenarios, which is universal, because it covers
potentially any financial asset, from equities, to bonds, to OTC derivatives under a homogeneous and
consistent approach.
The Liquidity Risk measure is divided into six different components. The most important component re-
builds, with a quantitative approach based on observed market data, the fair value bid and asks of all
the financial instruments that can be priced via an arbitrage-free pricing function, providing a solid and
consistent benchmark of Liquidity Risk.

Liquidity Risk

What is Liquidity Risk? We can provide at least two definitions for it.

Funding Liquidity Risk. This definition refers to the Asset Liability Management (ALM) of an institution –
normally a bank – identifying the gaps in the funding of the institution’s assets. E.g. in a bank there is
usually a funding gap as the liabilities contain short-term deposits in large part against assets that invest
in longer term horizons. Funding gaps generate a funding risk, the risk of rolling the short term funding
at growing costs or even the risk of not being able to roll/over the shorter term liabilities.

Market Liquidity Risk. This is the risk of losing a certain amount of money when liquidating one or more
positions in a portfolio. In financial terms, the loss is generated by the difference between the price at
which the financial asset is marked and the price at which it can be sold.

This paper focuses on Market Liquidity Risk.

When all financial assets that lie in our portfolios have quotes on market bid and ask prices with their
respective volumes (including book volumes), computing Liquidity Risk is straightforward.
Having the book of bids and asks at disposal, we can measure with objectivity and precision how much
we would be losing by liquidating our positions, in one or more units of time.
The current approaches for measuring Liquidity Risk are centered around bid/ask and volumes.
The most popular measure is still the number of days needed for liquidating a position, obtained by
dividing the position size by the daily trading volume.
                                                                              Volume 4. Issue Number 1

However, there are a number of problems related to this approach:

  a. The Liquidity Risk Paradox. Information on bid/asks, book and volumes is only available for liquid
     instruments, i.e. financial assets that trade on a daily basis in fairly transparent markets
     or trading venues. This information is not available for the most opaque and illiquid instruments.
     In other words, the financial information required to calibrate the “traditional” models of
     measurement of liquidity risk is not available for the instruments where a measure of this risk is
     mostly needed.

  b. Proliferation of Trading Venues. The recent past has seen a proliferation of trading venues for
     many financial instruments including equities. Trades on stocks were traditionally concentrated in
     one main market; today their trading is split around multiple venues, spreading the information
     of volumes, books, bid and asks. This scattering of information opens new questions on the
     traditional approaches. Do we have the information on consolidated volumes across the different
     trading places? Have we access to all the venues where one stock is traded once we decide to
     liquidate the position? Should we take into account the consolidated volumes or only the
     volumes and bid/asks of the trading venues we have access to?

  c. OTC Volumes vs Trading Venues Volumes. The last 10 years have been also accompanied by an
     increase of electronic trading venues for fixed income products. Bonds are now often traded
     electronically and information on traded volumes is available in open platforms. The issue is that
     the OTC market retains most of the liquidity in the fixed income space and the information on bid
     and asks on a trading venue may even be misleading: e.g. assume we have a bond issue that
     trades on average 100,000 $ in a regulated market but that in the OTC market you can find easily
     quotes for multiples of these volumes; if your position on the bond counts in millions the
     information conveyed by the regulated market becomes irrelevant.

These issues constitute a structural impediment to a coherent and universal approach to the
measurement of Liquidity Risk. The traditional approaches will constantly fail to deliver any information
on illiquid bonds, OTC derivatives, certificates, leaving us uncovered where the problem of liquidity
mostly hits.
Is there an alternative? Can we design a model framework that is at the same time:

  -   universal, covering all financial instruments;
  -   coherent, applying a consistent methodology to all instruments;
  -   objective, using a quantitative method based on observable market data to build in full or in part
      the Liquidity Risk measure.

These questions have inspired our research on the topic and have, in a way, driven it. The remainder of
the paper explains our approach to measuring Liquidity Risk and how it complies with the requirements
described above.

The complete 11-page whitepaper by Dario Cintioli is available free of charge at StatPro’s
website http://www.statpro.com/resources/whitepapers/liquidity_risk.aspx

                                                                                                    Volume 4. Issue Number 1

                                  i-P-A 60 Second Interview with
                          Alexandre Harkous, CEO and founder of BI-SAM
The B-One system has been voted “Best Performance and Attribution Product” at the 2009 Buy Side Technology Awards. What do
you think were the biggest contributors to this success?
Winning this award for the second successive year is, I believe, a testimony of the investment BI-SAM has made in making B-One the
leading service-oriented open technology platform providing superior performance reporting and analytics functionality.
As an example, B-One provides five different Fixed Income Attribution methodologies offering our clients the most appropriate
methodology according to their specific investment process. Another major contribution to this success is our commitment to work
closely and collaboratively with our clients, particularly through the implementation process, to offer a full support service and
continuously enhance our functionalities based on mutual interests and work.

Can you please give us some insights of what is in the pipeline for your B-One product?
Innovation is a key focus for Bi-Sam. We are continuously and heavily investing to improve our product and to add new functionality to
meet evolving market expectations. Each new major B-One versions every year includes a significant new functionality.
For example, our product roadmap for 2010 includes a Front Office module offering new capabilities in providing analysis directly to
Portfolio Managers. Further development of our Ex-Ante and Ex-Post Risk module, will help asset managers enhance their enterprise-
wide risk management capabilities. Finally, our new GIPS module is also a key development this year and will support our clients in
complying with 2010 GIPS standards.

You now have a global expansion strategy. Please tell us some more about this.
We have come a long way, thinking back to the early 2000’s, when BI-SAM opened its first office in Compiègne! Our European
expansion started with our first clients in London and subsequently opening our London office. Since then, we have also opened offices
in Luxemburg and in Switzerland in order to serve our Benelux and Swiss clients.
In 2008, we have opened an office in New York and, last year also in Hong Kong. We are now offering our product more broadly to
these strategic markets and have consequently expanded our ability to service asset management companies in these regions. We
already have clients in New-York, Hong Kong and Singapore). Our global expansion is has meant making strategic organisational
changes, including new appointments in each region and establishing a 24*7 hours support infrastructure to enable our clients face
their global challenges.

Automation with flexibility in the client reporting service offering to clients is always at the heart of any asset manager's solution.
How does B-One help here?
A fully automated approach is one of our main advantages. B-One’s client reporting module allows asset managers to build their own
reports and fact sheets through an easy-to-use platform with a report components library without any IT support required.
We have recently enhanced our full client reporting capabilities to provide further flexibility for our clients. This offers customised
process flow control and monitoring of the production process through our workflow module. As well as multiple output formats, data
checks, aggregation options and unlimited flexibility in instrument and portfolio classifications.

Rapid-fire section

What is your favourite sport?
Football, Tennis, Ski… Not Golf!

What’s the last DVD you watched?
Sex and the City

If you won the lottery, what would be the first thing you buy?
Hummm…, no, not a competitor, Man United?

The French Alps is a favoured spot for European skiing. Do you get to ski very often?
If I can, every weekend… I will be there from 26/02 to 7/03… please join me

Renault, Peugeot or Citroen?

France is world-renowned for its cooking. Did you ever consider being a chef as a career instead?
It is already the case at home!

                                                                                                                                 Volume 4. Issue Number 1

                                   The Journal of Performance Measurement's First Annual European
                 Performance Measurement, Attribution & Risk Conference (PMAR Europe)

                                                                             8-9 June 2010
                                                                  America Square Conference Centre
                                                                  1 America Square. London, England

                                                         $2,000 - Money Back Guarantee #
                                      Special 20% discount for i-P-A readers !! *
                                            For more information on the event ....                          click here ....

Special Discounts

- Performance Measurement Forum™ Members Receive a 10% Discount!
- Subscribers to The Journal of Performance Measurement® receive a 5% Discount!
- * i-P-A.com subscribers receive a 20% discount! - apply on application until March 2010

# Money Back Guarantee!

Any attendee, who is not fully satisfied with the conference at the end of the first day, will receive a full refund!
Call +1.732.873.5700 to Register

The Spaulding Group is registered with CFA Institute as an Approved Provider of Professional development programs. This program is eligible for 12.5 PD credit hours
as granted by CFA Institute.
                                                                        Volume 4. Issue Number 1

   StatPro Seven - Our new Portfolio Analytics platform
Asset Managers of all kinds need to carry out certain key functions such as performance
analysis, attribution, risk, reporting, compliance and much more. StatPro focuses on
making these tasks easy for you to do, both to get started and to maintain. As such
StatPro Seven is the most cost effective solution available.

We supply all the indices, market data, corporate action data you need as part of the
service. All that you need to do is supply your portfolio data. The service is online over the
Internet and so has a zero IT foot print.

For more detail on each module of StatPro Seven click on any of the links below
   Performance measurement
   Attribution analysis
   Risk management
   GIPS Composites
   Governance & Compliance
   Analytics reporting
   Financial index data services

To find out how StatPro can help you improve your analysis and reduce your
costs contact us.
    Volume 3. Issue Number 8

                                                                                                               Volume 4. Issue Number 1

SS&C Technologies,         Inc, a global provider of financial services software and software-enabled services, announced it has acquired
TheNextRound, Inc., a leading provider of software solutions for the private equity and alternative investment communities.

The acquisition extends and complements SS&C's private equity software and services offering for the alternative investment management
market. With more than 225 clients in 25 countries and 45 skilled professionals, TheNextRound (TNR) is a privately-held company and is a
recognized leader in software for the private equity, family office, real estate partnership and alternative management space. TNR's flagship
product, TNR Solution™, is an enterprise solution that supports the full breadth of front to back office capabilities, including partnership
accounting, investor relations, CRM, fundraising, deal, fund and portfolio management, GL and reporting for fund managers, investors, and
fund investors.

"TheNextRound is an excellent addition to the SS&C portfolio," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies, Inc.
"We are now well positioned to offer a comprehensive end-to-end private equity and alternative investment management solution."

"We are very pleased to be joining forces with SS&C," said Vipul Minocha, President, TheNextRound,Inc. "SS&C has a solid understanding of
the TNR offering and the alternative investment management marketplace. SS&C's global presence and financial strength in the alternative
investment segment will enhance TNR's position as a strong leader and allow us to retain our technology edge and provide better support for
our clients."


RiskMetrics Group,             a leading provider of risk management and corporate governance services to the global financial community,
announced it has added a powerful new set of integrated investment performance measurement tools, RiskMetrics’ PerformanceManager™,
to its suite of risk applications.

With these new tools, RiskMetrics is combining performance and attribution into one seamless framework, enabling investors to align forward-
looking risk with traditional performance measures. The integration of the tools offers investors easy-to-use applications, combining best-in-
class analytics and reporting.

Specifically, PerformanceManager can generate buy and hold and transactions-based performance statistics, delivered daily with security-level
granularity. Data tagging facilitates custom asset groupings, hierarchies and reporting. All analysis is multi-currency and preferences can be
configured for different groups of portfolios. The attribution analysis portion of the tools supports multi-level views across a range of
methodologies reflecting topdown, bottom-up or hybrid investment processes.

“Our investor clients have been asking for a risk and performance service that exists in one framework, leveraging similarities in data,
modeling, categorisation and attribution,” said Mick Brant, Head of RiskMetrics Group’s Performance and Attribution Business. “Now, investors
have the ability to view the performance and risk attributes of the investment process. This will provide them with much greater insight in to
current strategies such as long-short equity among others.”

StatPro Group plc, a leading provider of portfolio analytics, market data and asset pricing solutions for the global asset management
industry, announced that Bank of Montreal has signed a landmark deal with the company to use several of its portfolio management solutions.

“Bank of Montreal has subscribed to a combination of our analytics services on our new SaaS platform together with our Index Services and
they join our growing band of SaaS customers in Northern America,” said Mark Bramley, CEO, North America at StatPro. “We expect many
more to follow.”

The solutions will be delivered as a suite of hosted services. They include StatPro Performance and Attribution (which allows the user to drill
down into performance and attribution effects from portfolio through to security level), StatPro Index Services (providing key financial indices
to investment managers through a standardised platform) and StatPro’s interactive reporting tool on the SaaS platform.

“We are constantly investing to improve and enhance our data and analytics offerings. The fact that these are now available via our SaaS
platform makes it very attractive to a wider audience of global customers, especially in the current market as it reduces the total cost of
implementation and ownership,” concluded Bramley.

                                                                                                                 Volume 4. Issue Number 1

The four-year deal extends the original 2002 non-hosted contract. The new system has already gone live with Bank of Montreal.

Chris McHaney, Manager of Investments at Bank of Montreal Asset Management said: “The deal involved continuing the service we receive
from StatPro, while at the same time adding the ability to automate more of our processes internally, and in turn getting the most out of the

Advent Software, Inc. a leading provider of software and services for the global investment management industry, announced that it has
entered into agreements with Morningstar, Inc. and Global Industry Classification Standard (GICS) to deliver investment classification
information to its Advent Outsourcing Services clients for enhanced reporting. Advent Outsourcing Services offers Advent’s award-winning
suite of products in a fully outsourced environment.

Morningstar is a leading provider of independent investment research that provides data on more than 325,000 investment offerings, along
with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to
foreign exchange and Treasury markets. GICS provides a global standard for categorizing companies into industry sectors, enabling seamless
comparisons across indices by industry, by region, and globally. Through the agreements, Advent Outsourcing Services clients now have access
to mutual fund style and category classification information from Morningstar and GICS as part of their standard service.

In addition, Advent now offers new flexible position and performance reporting options designed to both leverage this data and give the user
control over multiple reporting elements tailoring views into allocation and exposure. While these industry-recognized standards are offered to
outsourcing clients, additional options are available to firms with unique classification requirements.

“Advent’s adoption of both GICS and Morningstar classification standards for outsourcing customers is an important addition to our
management and client reporting capabilities,” said Charlie Atwill, managing member of Atwill Financial Consulting Group, LLC. “It provides us
with a great deal of flexibility, saves us time – and most importantly – gives us, and our clients, a more accurate picture of the composition of
the portfolios we manage. This is a system we can live and grow with for the long haul.”

“Our relationships with Morningstar and GICS help us deliver industry-leading best practices to Advent’s 400-plus outsourcing clients and adds
further value to our outsourced offering,” said Michael Lobosco, Director of Advent Outsourcing ServicesSM. “These arrangements
demonstrate our commitment to investing in Advent Outsourcing ServicesSM and to the support of our clients’ success through best-of-breed
market intelligence and access to timely, accurate and robust data.”


Misysplc, the global application software and services company, announced the release of version 5.4 of its leading treasury and capital
markets solution, Misys Summit FT. The release responds to market volatility combined with the need of customers to monitor and manage
risk tightly with the introduction of two new solutions for Summit customers.

The new Market Risk Limits Module for Summit FT builds on the current, extensive coverage of limits. It provides banks whose primary dealing
system is Summit with a single solution approach. Alternatively, banks that allocate credit and market risk limits across multiple trading
systems can now benefit from Misys' enterprise-wide monitoring and control platform, Misys Eagleye, with the introduction of an out-of-the-
box interface from Summit FT. Lastly, banks may combine Eagleye and Summit Market Risk Limits where market risk limits are allocated by
business unit and credit limits are allocated and monitored across the enterprise.

The Summit FT Market Risk Limits module has already been selected by seven Misys customers. The solution is designed to manage risk limits
enabling real-time monitoring, control and action against limit breaches in a wide selection of Summit applications. It monitors a multitude of
numbers including positions, risk indicators and profit and loss ensuring that trading activity is scrutinised and controlled as it happens. Limits
and breaches are displayed in the blotters of Summit on a real-time basis along with pop-ups alerting to critical issues.

The out-of-the-box Misys Summit FT interface to Misys Eagleye has already been selected by three customers. It provides banks with multiple
capital markets applications with an extensible solution that provides a wider view of activity across all trading platforms. Misys Eagleye
provides a control layer above a bank's many systems monitoring exceptions as well as distributing this information via alerts and dashboards
around the bank.

                                                                                                                Volume 4. Issue Number 1

Larry Mitchell, VP Solutions Management, Treasury & Capital Markets, Misys, comments: "We strongly believe financial institutions need to
have complete transparency of their business risks through instant notification of exceptions to business defined rules, so that appropriate
decisions can be made in a timely manner. Through our choice of solutions our Summit clients have been provided with the capability to
proactively monitor within Summit and across other applications. Our core focus at Misys is to deliver integrated solutions to customers for
true consolidation of risk management measures."

Interactive Data Corporation, a leading provider of financial market data, analytics and related solutions, announced it has signed an
agreement to acquire the data and tools assets of Dow Jones & Company, Inc.’s Online Financial Solutions (“OFS”) business. The transaction is
expected to be completed within the next several weeks, contingent upon customary closing conditions.

The OFS data and tools are used to develop and host Web-based solutions, including news, market data, research and advanced charting,
portfolio management and alerting capabilities, for approximately 200 financial institutions, active investor services, and media Web portals.
These OFS assets were formerly part of MarketWatch Licensing Services prior to the acquisition of MarketWatch, Inc. by Dow Jones in 2005.
Dow Jones will retain its news business and enter into a non-exclusive redistribution agreement with Interactive Data to sell MarketWatch
news to new and existing customers in the OFS market.

Interactive Data plans to integrate the acquired OFS assets into its U.S. Managed Solutions group, which is part of Interactive Data Real-Time
Services. The Company expects to retain a number of employees currently affiliated with the OFS business, which has operations in
Minneapolis, New York City and San Francisco. As part of the plans to migrate the OFS customers into Interactive Data’s technical
infrastructure, Interactive Data and Dow Jones have entered into a transition services agreement for hosting and other related services for up
to two years.

Interactive Data is a leading global provider of customizable, Web-based hosted solutions through its Managed Solutions group. More than 470
customers worldwide utilize the Company’s Web-based solutions to help address the information needs of their clients and internal users,
differentiate their offerings, optimize workflows and reduce operating and capital costs. Acquiring the data and tools assets of the OFS
business will substantially expand Interactive Data’s growing Web-based solutions business in North America. This acquisition will also create
opportunities for Interactive Data to expand OFS’s existing relationships with major U.S.-based financial institutions by offering them a broader
range of sophisticated Web-based offerings, real-time market data services and other desktop solutions.

“We believe that acquiring these OFS assets will further accelerate the progress we’ve made over the past several years to rapidly grow our
Web-based solutions business in North America,” stated Ray D’Arcy, Interactive Data’s president and chief executive officer. “We see attractive
opportunities for us to further expand OFS’s business with its institutional customers by offering them a much broader range of services and
solutions. In addition, this acquisition will bring us valuable development and support resources that can help us further scale this part of our

Assuming the transaction closes within the next several weeks, Interactive Data anticipates that the transaction will be cash flow positive and
earnings neutral in 2009 and 2010, and, through a combination of planned revenue growth and operational synergies, accretive to earnings by

Numerix,     the leading independent provider of cross-asset analytics for the structuring, valuation and risk analysis of derivatives and
structured products, announced it was named Best Buy-Side Pricing/Valuation Service for 2009 by Buy-Side Technology Magazine.

The aim of the awards is to recognize the leading technologies and vendors in their areas of expertise through an auditable and transparent
methodology underpinned by the input and experience of five buy-side-focused technology consultants: Investit, Knadel, Deloitte Consulting,
Aite Group and Tabb Group.

According to BST editors, the best pricing and/or valuations category was one of the most keenly contested of all categories in the Buy-Side
Technology Awards 2009. In all, eight companies entered this category, which is not altogether surprising, given how crucial this function has
become too large numbers of buy-side firms. Numerix turned out to be the clear winner thanks to its range of tools developed specifically to
model and price deals across a wide range of instruments including fixed income, credit, foreign exchange, hybrids, cross currency, inflation
rate, and equity derivatives. Many of the world’s largest market data and trading system vendors offer access to Numerix analytics “inside”

                                                                                                               Volume 4. Issue Number 1

their own systems, resulting in increased interoperability across 3rd party vendor systems and consistent access to Numerix pricing models
among buyside clients.

“We are extremely proud and honored to have won this Buy-SideTechnology award. It serves as a most fitting finale to an outstanding year
overall for Numerix,” said Steven R. O’Hanlon, President and Chief Operating Officer at Numerix. “Proof of this success was Numerix being
selected by Lehman Brothers Holdings Inc (LBHI) to provide independent valuations on over 1 million derivatives contracts, representing one of
the largest and arguably most complex derivatives books in the world. The success of the LBHI project was dependent on Numerix’s valuations
and pricing expertise, coupled with our extensive partner network and our firm’s ability to bring together the necessary systems knowledge
and best-of-breed data solutions.”

The 2009 Numerix Buyside Technology award win is a follow up to Numerix being named Technology Company of the Year in Asia for the
second straight year in May of 2009 and also Technology Company of year in the America’s for the third straight year by Structured Products
Magazine. The award win follows the May 2009 Celent Report which identified Numerix as the leader among its peers- providing advanced
technology and functionality for pricing derivatives products, breath of cross asset coverage and depth of client services.

Interactive Data Corporation, a leading provider of financial market data, analytics, and related solutions, announced that its Fixed
Income Analytics business has released BondEdge® Asset Manager.

This new package of capabilities is designed to assist portfolio managers and analysts at asset management firms manage relative risk and
reward versus leading fixed income indices and liability benchmarks. The package can also help address the needs of investment professionals
at organizations which manage their own fixed income funds internally, such as pension funds, endowments, and foundations.

For many years, asset management professionals have leveraged the robust analytical asset, portfolio and benchmark modeling tools and
comprehensive security database coverage of Interactive Data’s market-leading BondEdge service for fixed income portfolio versus benchmark
risk analysis, performance attribution, and compliance testing based upon client input guidelines.

“Heightened volatility of total returns dispersion between bond sectors and quality cohorts have underscored the need for enhanced granular
portfolio versus benchmark risk analysis and performance attribution tools,” said Keith Webster, managing director, Interactive Data Fixed
Income Analytics. “In addition, certain regulatory and accounting changes have heightened focus on the closer matching of portfolio and
corresponding corporate pension liability risk characteristics. The analytical enhancements delivered with this latest release of BondEdge are a
reflection of feedback provided by asset manager clients.”

“We appreciate the opportunity to work closely with Interactive Data to provide our perspective for the ongoing development of fixed income
portfolio analytical tools for asset managers,” said Jay E. Schwister, Senior Portfolio Manager at Baird Advisors. “BondEdge provides analysis
that helps our portfolio managers and analysts manage and report on the relative risk between portfolios and their relevant index or liability

BondEdge Asset Manager is available via the BondEdge Next Generation platform, which is built on the Microsoft® .NET Framework and
provides a highly intuitive, flexible user interface. This newly released package of BondEdge capabilities includes enhancements to Factor-
based Performance Attribution for taxable and tax-exempt portfolios and benchmarks and Liability Driven Investing analysis. Portfolio versus
benchmark stress testing tools, “what-if” analytics for pre-trade simulations, and automated, flexible presentation style reports and graphics
are also included.

BondEdge Next Generation includes an extensive structured finance deal library, cash-flow engine, and term structure and prepayment
models, enabling clients to generate dynamic risk measures and asset cash flows for agency and non-agency residential mortgage-backed
securities, including sub-prime issues, as well as asset-backed and commercial mortgage backed securities.

Odyssey Financial Technologies,         a global provider of Asset Management software solutions and services, announces that its
InvestmentManager™ portfolio management system has been selected by one of the world's top 10 global custodians.

InvestmentManager™ will be progressively deployed to support its currency management services on a worldwide basis. Following an
extensive selection process, InvestmentManager™ was identified as the best match for the organisation's strategic evolution, based on

                                                                                                                 Volume 4. Issue Number 1

providing a scalable, currency-centric portfolio management system with comprehensive exposure monitoring. The corporate stability
provided by Odyssey and its desire to work as a strategic partner were also key factors in the selection process. From early 2010, the global
custodian will be using InvestmentManager™ to provide its clients with the ability to protect assets against adverse currency movements, using
various financial instruments and hedging strategies.

InvestmentManager™ is an advanced, analytical front office decision support solution covering the full range of multi-asset, multi-currency
portfolio management requirements. It is designed to give portfolio managers control, enabling faster and easier tracking of the investment
process from historical performance and attribution through what-if and portfolio modelling to forward looking scenario analysis.

The latest version includes a powerful new element - Recon - providing daily data consistency checks for improved accuracy. This
data quality aspect is particularly important for those customers using InvestmentManager™ to automate the execution of investment
strategies on the basis of small changes in that underlying data.


Numerix,     the leading independent provider of cross-asset analytics for the structuring, valuation and risk analysis of derivatives and
structured products, announced it was named Best Buy-Side Pricing/Valuation Service for 2009 by Buy-Side Technology Magazine.

The aim of the awards is to recognize the leading technologies and vendors in their areas of expertise through an auditable and transparent
methodology underpinned by the input and experience of five buy-side-focused technology consultants: Investit, Knadel, Deloitte Consulting,
Aite Group and Tabb Group.

According to BST editors, the best pricing and/or valuations category was one of the most keenly contested of all categories in the Buy-Side
Technology Awards 2009. In all, eight companies entered this category, which is not altogether surprising, given how crucial this function has
become too large numbers of buy-side firms. Numerix turned out to be the clear winner thanks to its range of tools developed specifically to
model and price deals across a wide range of instruments including fixed income, credit, foreign exchange, hybrids, cross currency, inflation
rate, and equity derivatives. Many of the world’s largest market data and trading system vendors offer access to Numerix analytics “inside”
their own systems, resulting in increased interoperability across 3rd party vendor systems and consistent access to Numerix pricing models
among buyside clients.

“We are extremely proud and honored to have won this Buy-SideTechnology award. It serves as a most fitting finale to an outstanding year
overall for Numerix,” said Steven R. O’Hanlon, President and Chief Operating Officer at Numerix. “Proof of this success was Numerix being
selected by Lehman Brothers Holdings Inc (LBHI) to provide independent valuations on over 1 million derivatives contracts, representing one of
the largest and arguably most complex derivatives books in the world. The success of the LBHI project was dependent on Numerix’s valuations
and pricing expertise, coupled with our extensive partner network and our firm’s ability to bring together the necessary systems knowledge
and best-of-breed data solutions.”

The 2009 Numerix Buyside Technology award win is a follow up to Numerix being named Technology Company of the Year in Asia for the
second straight year in May of 2009 and also Technology Company of year in the America’s for the third straight year by Structured Products
Magazine. The award win follows the May 2009 Celent Report which identified Numerix as the leader among its peers- providing advanced
technology and functionality for pricing derivatives products, breath of cross asset coverage and depth of client services.


Panopticon Software,               the leading provider of Treemap and Heatmap data visualization software announced that it has released
version 5.4 of its Developer SDK. The new version offers improved data handling, faster visual processing, an expanded set of data
visualizations, and support for Microsoft Windows Presentation Foundation (WPF) environments in addition to .NET and Java environments.
This is the first SDK of its type available from any vendor that supports Microsoft WPF.

Developer 5.4 is a complete data visualization toolkit and can handle data from virtually any source, including real-time streaming data feeds. It
is in widespread use within financial institutions as well as within a range of OEM applications in telecommunications, financial services and

The new release supports Microsoft WPF environments through a combination of the .NET SDK and a new WPF extension. WPF provides a
unified framework for building applications and high-fidelity experiences in Windows 7 and other operating system environments. It blends
                                                                                                              Volume 4. Issue Number 1

application UI, documents, and media content. WPF offers developers graphics support, hardware-accelerated effects, scalability to different
form factors, interactive data visualization, and superior content readability. Developer 5.4 is also available for Java and traditional .NET
environments. All three versions - WPF, .NET and Java - offer identical functionality.

Deployed applications utilizing Panopticon Developer include:

• Network monitoring and analysis in telecommunications networks
• Budgeting and scheduling analysis in engineering
• Performance monitoring and risk analysis in financial services

OEM partners who have integrated Panopticon's tools into their own products include:
• Deltek: Enterprise project management
• Polystar: Revenue assurance, fraud detection and network monitoring for telecoms
• Tbricks: Algorithmic trading for hedge funds and mutual fund companies
• Opturo: Risk management, performance reporting, GIPS compliance, order management, and quantitative modeling for financial firms

Willem De Geer, Managing Director of Panopticon, stated, "We started development of our SDK in 1999 and we're now in our fifth generation.
This new release is the first data visualization SDK in the world that supports Microsoft WPF, which we see as an important new platform for
business intelligence application development. The SDK enables Independent Software Vendors (ISV's) and companies with proprietary
applications to embed highly interactive, highly configurable visual data analytics tools into their own software, regardless of whether they
prefer Java, .NET or WPF development environments."


Princeton Financial Systems®              (PFS), a leading provider of investment accounting, investment compliance, data management,
performance measurement and reporting solutions to the global investment industry, announced the availability of MIG21 Data Manager. The
new module for MIG21, PFS' award-winning investment compliance solution, provides data editing and maintenance functionalities to improve
data quality and help minimize data-related compliance errors.

MIG21 Data Manager enables users to centrally maintain and add missing or incorrect compliance data such as fund or asset information,
ratings as well as issuers and to easily configure new structured products or other asset classes. MIG21 Data Manager thus minimizes the time-
lag between data changes, their correction in the back office system and subsequent upload into the compliance server. In combination with
the Bloomberg Data Feed Connector Bloomberg data can be automatically imported to keep market data updated.

Sophisticated data override capabilities ensure that any automatically imported data overwrites manual data changes only according to pre-set
rules. A maker/checker principle together with a full audit trail for all manual data changes ensures maximum data security of PFS’ new MIG21
data management solution. The solution also provides statistics for data imports. MIG21 Data Manager has been designed to work with MIG21
6.1 and above.

Hubert Gries, Product Manager Compliance and Order Management at PFS, emphasizes: "Many compliance officers struggle with data-related
compliance errors: the back office system may not deliver all data needed for the compliance check, certain master data such as issuer
information are either missing or incorrect or market data might not be current. The new MIG21 Data Manager is designed for this need. It is
the first data solution that facilitates and accelerates data management in the compliance system to avoid errors during the check run.
Together with MIG21, the solution caters perfectly to the growing demand in the market for a secure, future-proof and user-friendly solution
to efficiently manage any kind of compliance information."


Advent Software, Inc., a leading provider of software and services for the global investment management industry, announced           further
expansion into the Asia Pacific region with the opening of a new office in Beijing. Staffed with more than 50 employees, the Beijing office is
Advent’s largest office outside of North America and will play an important role in establishing the Company’s presence in mainland China.

The 50-plus employees in the Beijing office were previously part of Advent’s contract workforce with a Beijing software outsourcing firm, and
have been working on the research and development of Advent’s portfolio of products for the past four years.

                                                                                                                 Volume 4. Issue Number 1

"We are excited to be expanding our presence in Asia Pacific, and we look forward to deepening our relationships with clients in the region,"
said Lily Chang, Executive Vice President and Chief Technology Officer at Advent. "Having a presence in China is part of our growth strategy and
is a must for a global company like Advent. The fast-growing China market is rapidly embracing new technology and we see enormous long-
term potential in the Chinese market for our broad and innovative portfolio of investment solutions. As an industry leader with a proven
history of success, Advent is well-prepared to support this growth."

Although this is the Company’s first office in mainland China, Advent established a full-time presence in Asia Pacific last year with the opening
of its Hong Kong office, and the Company currently has more than 30 clients in the region. Advent’s Beijing office is located at 1218, China
Resources Building, 8 Jianguomembei Avenue. It marks Advent’s 12th office worldwide; the Company also has a presence throughout North
America, Europe and the Middle East.


FinAnalytica, the leading provider of real world portfolio risk solutions for multi-manager funds, hedge funds and asset management firms,
was recently included in Dow Jones Financial News’ annual list of technology firms for the 21st century as “an innovative company to watch in

Accumulating the revenue figures, product announcements, client wins and geographical spread of leading technology firms, Financial News
identified the top performing firms of 2009. Financial News has published its analysis on an annual basis for the past four years and can be
viewed in full here. The report highlighted FinAnalytica’s innovative approach to risk awareness with particular reference to its “multi-currency,
cross-asset system that offers returns-based and holdings-based solutions on a single platform”.

Boryana Racheva-Iotova, President, FinAnalytica, commented, “With the release of Cognity Version 3.0 earlier this year, the gap between
quantitative and marketing groups has been bridged, and we have responded to our customers’ needs with integrated and flexible reporting.
With new client wins this year and revenue and sales up by 33% and 210% respectively, 2010 will prove to be an exciting year for FinAnalytica”.

One UK-based senior consultant said of Cognity, “It is one of the few products on the market that seeks to exploit the myth about extreme
events occurring once every hundred years. Using sophisticated modelling, it is able to assess the likelihood of these so-called fat-tailed risk
events happening in the short term. In doing so, it gives its clients a competitive advantage in managing their portfolio risk.”

David Merrill, CEO, FinAnalytica, added, “FinAnalytica is delighted to be included in such a highly acclaimed industry analysis. To be recognised
at this time illustrates not only the merits of FinAnalytica’s solutions, but highlights today’s environment of heightened risk awareness and the
increased demand for state of the art solutions.”


SunGard has been named Software Provider of the Year by Private Equity News at their annual Awards for Excellence in Advisory Services.
The award was won for SunGard’s Investran, a private equity solution that has been described as the industry standard platform for private

The awards were created to recognize the successes of firms providing private equity advisory services. A panel of senior institutional
investors, advisors, financiers and private equity practitioners voted for firms who achieved high standards of innovation and excellence in
their field. SunGard’s Investran was selected from a shortlist of five nominees in the Software Provider of the Year category.

Emanuel Mond, president of SunGard’s alternative investments business, commented: “Despite a challenging year for many in this industry,
SunGard’s Investran has weathered the storm well. This independent award acknowledges SunGard’s commitment to Investran’s expanding
global customer base and the continuing development of the solution. The award comes on the back of the launch earlier this year of Investran
version 6.0, a Web-based customer relationship management solution designed specifically for private equity and other alternative asset


StatPro Group plc, a leading provider of portfolio analytics and evaluation services for the global asset management industry,        announces
that Harris Investment Management, Inc. has signed a four-year contract for its GIPS® software.

                                                                                                                 Volume 4. Issue Number 1

The Chicago-based investment management firm is a member of BMO Asset ManagementTM (“BMO AM”), and primarily provides services to
Endowment / Foundation, Corporate, Public and Taft-Hartley clients. As a group, BMO AM had $46.7 billion in assets under management
(January 31, 2009).

Business analytics, marketing and client services staff in Chicago will be the end-users of the system, which features StatPro’s Composites
module (a multi-currency tool for composite and account reporting to achieve and maintain GIPS® compliance) on a SaaS platform.

“We are delighted that Harris Investment Management has chosen us, initially signing a contract for our bureau service late last year,” said
Mark Bramley, CEO North America at StatPro. “By January 2009, we were providing reports that included their reconciled historical data for up
to thirteen years on some composites. In terms of this new implementation, we have set up almost 1,400 accounts comprising 39 composites.”

Global Investment Performance Standards (GIPS) are a set of ethical principles used by investment management firms. The principles establish
a level playing field among asset managers in creating performance presentations that communicate investment results to prospective clients.

Jennifer K. George - Director, Investment Operations at Harris Investment Management, said: “We selected StatPro because it was clear that
they had not only in-depth knowledge of the industry and GIPS requirements, but also superior customer service and attention to detail. They
were able to help us transition to the StatPro system seamlessly and they continue to provide personalised support, driven by the specific
needs of our firm. In addition, we find StatPro’s technology to be both reliable and robust.”


Fidessa group plc,     provider of award-winning trading solutions for the buy-side and sell-side, has received the coveted techMARK
company of the year award. The awards, sponsored by PricewaterhouseCoopers, were held at the Lancaster London Hotel on Thursday 26th
November 2009.

The key criteria for success in this award, which was sponsored by Piper Jaffray, are sound commercial and financial success and outstanding
long-term growth potential. Previous winners include Autonomy Corporation plc, ARM Holdings plc and AVEVA Group plc.

Fidessa proved its worth over other shortlisted candidates with its noted technological achievements, fully accountable and well-managed
business approach and its ability to successfully deliver commercial advantages that benefit both clients and shareholders.

Commenting on the win, Chris Aspinwall, CEO of Fidessa, said: “Fidessa is honoured to receive this award, particularly against a difficult
macroeconomic backdrop. We work hard to develop innovative and robust technology across the buy- and sell-sides, and it is rewarding to see
this approach paying off for our clients, and therefore our shareholders. As well as helping clients deal with the changing trading landscape, we
have also invested in optimising the functionality of our solution to meet the specific needs of regions such as Asia, Russia, Latin America and
the Middle East, and we look forward to building on this success in 2010.”

This latest accolade adds to a significant number of awards for Fidessa in 2009, including Financial News and Buy-Side Technology awards, and
recognition in the Finextra Showcase for Innovation.


Vermilion Software is delighted to announce that two large, Boston based Asset Management companies have gone live with the award
winning Vermilion Reporting Suite for their institutional Client Communication.

The implementations took 4 and 5 months respectively, from initial analysis to go-live, and have resulted in significantly enhanced client
communication capabilities for the organizations.

Vermilion Software’s client base within North America and Europe continues to flourish, complementing their strong presence within the
United Kingdom.

A key driver in the vendor selection process is a solution’s ability to streamline reporting processes through efficient workflow capabilities, and
deliver personalized reports from standardized templates, reducing the burden on IT departments, and freeing-up Fund Manager time to focus
on core competencies.

                                                                                                                 Volume 4. Issue Number 1

David Mead, Vice President of North American operations at Vermilion, said: “The United States is a primary market for Vermilion Software,
and we are delighted to continually attract the top investment management firms with our comprehensive client communication solutions.”

Simon Cornwell, co-founder, and Sales and Marketing Director at Vermilion, said “ever since inception, our goal has been to be the leading
global client communication solutions provider to the institutional asset management industry, and our ever-growing list of client wins and
implementations goes more towards asserting our position as the best of breed product.”

Vermilion Software is the leading solutions provider focused purely on Client Reporting for the Asset Management market globally. The award
winning VRS has been designed to deliver accurate, flexible, and scalable client communications. VRS empowers client service professionals to
deliver multilingual, graphical, marketing-quality reports, all of which can be created through the workflow process, streamlining the corporate
reporting cycle whilst ensuring that the corporate branding and content standards are fully maintained. The solution provides a quick win for
customers wishing to deliver high quality reporting, this is due to Vermilion’s unique product and their approach to project delivery. VRS is
available as a hosted ASP service, or an in-house installation.


Interactive Data Corporation, a leading provider of financial market data, analytics and related solutions, announced that it now
delivers intraday fixed income valuations to help clients around the world more closely monitor portfolio value changes and provide European
and Asian domiciled funds with new inputs to their fair value procedures.

Employing a variety of advanced analytics from Andrew Kalotay Associates, Inc. (Kalotay), Interactive Data now generates intraday values for a
broad spectrum of fixed income instruments in all the major currencies. The service complements Interactive Data’s Basket Calculation Service,
an intraday indicative pricing service, which also utilizes Kalotay analytics.

Interactive Data’s extended valuation capabilities include: hourly valuations for fixed rate securities from 07:00 GMT – 15:00 GMT in British
pounds, euros, Swiss francs, Danish krone, and Swedish krona. In addition, hourly valuations are available in euros for floating rate securities.
Hourly valuations from 07:00 GMT – 18:00 GMT are also available in U.S. dollars for fixed rate corporate, sovereign, treasury, municipal and
agency bonds, fixed-rate mortgage-backed securities, and floating rate notes.

For European and Asian domiciled funds that invest in global fixed income securities, current market quotations may not be readily available
for certain securities at the time of a fund’s valuation point. For example, a popular valuation point for U.K. domiciled funds is 12:00 GMT
(07:00 ET), at which point the U.S. fixed income markets are not open. U.K.-domiciled funds that invest in U.S. fixed income securities may
want to consider these intraday fixed income valuations as part of their fair value procedures. Similarly, the service may be of interest to funds
in Asia that value their portfolios at local market close (09:00 GMT).

“We are excited to build on our capabilities in valuations, including in intraday indicative pricing, by offering an expanded intraday fixed income
valuation service,” said Roger Sargeant, managing director, International, Interactive Data. “Using Kalotay’s fast, easy-to-implement calculation
engines, we were able to respond in a timely fashion to client demand in this important area. Our new offerings enable clients to more closely
monitor changes in portfolio values throughout the day, at points that fit in with their workflow, including during times when the local markets
for certain securities are not open.”

Interactive Data delivers intraday fixed income valuations to clients through FTSSM, its flexible portfolio administration tool for the desktop.
Intraday fixed income valuations are now also available to clients through PlusFeedSM, Interactive Data’s consolidated, low-latency datafeed.

“We are very pleased that Interactive Data selected our high-speed libraries to address their valuation needs,” said Andy Porter, managing
director, Andrew Kalotay Associates.

Interactive Data currently provides intraday indicative valuations via the Basket Calculation Service to 11 clients — including three of the five
largest ETF sponsors.1 The Company offers indicative intraday valuations for equity and fixed income ETFs, exchange traded notes (ETNs) and
index values that include equities, fixed income securities, currencies and commodities.


A recent survey of investment management firms by The Glass Hammer and Stone House Consulting Group, LLC, a strategic,
operational and IT consulting firm for investment managers and hedge funds, found that investors, together with the investment consulting

                                                                                                                  Volume 4. Issue Number 1

firms that advise those clients, are requiring more due diligence on investment managers than ever before, and that operational risk could rise
at investment management firms because of staff cutbacks.

The survey, which included responses from more than 75 investment managers with nearly $7 trillion in assets under management, was
conducted in conjunction with a recent event for senior women executives working in the buy-side investment community. The event was
hosted by The Glass Hammer and sponsored by Omgeo, the global standard for post-trade efficiency, and Linedata Services, the global leader
for investment management and credit technology.

The survey found that after sharp market declines, the fall of Lehman Brothers, and the discovery of fraudulent activities such as those of
Bernie Madoff, Alan Stanford and others, 88% of respondents agreed that investors are spending more time and attention than ever before on
due diligence, and were nearly unanimous that the importance of operations due diligence has risen.

“In the post-crisis world, where firms are rethinking fundamental issues such as risk, transparency, liquidity and regulation, investment
managers need to be increasingly aware of the operational risk profile of their firm,” said Marianne Brown, CEO of Omgeo. "In this
environment, investors are becoming more aware that an issue like counterparty risk can significantly impact their investments, and they’re
taking a deeper look into key middle- and back-office issues, like reconciliation and collateral management, which can help reduce many of the
unknown factors that currently exist in derivatives contracts."

The survey also showed that more than half of the respondents think that hedge funds will move to lower base management fees while
traditional investment managers may begin to introduce performance-based fees.

“The findings indicate that operational risk may be on the rise, despite all the increased attention. Not only have staff cutbacks increased
operational risk within many buy-side firms, but increased staff turnover as the employment market improves will cause operational risk
profiles to deteriorate further,” said Holly Miller, Partner at Stone House Consulting.

“Gone are the days when funds could get through due diligence meetings with fancy spreadsheets. Potential investors now want to see proof
that funds have prioritized the right infrastructure to track positions and value them properly,” said Annie Morris, Managing Director, Linedata
Services. “Fund infrastructure has moved out of the shadows, and mission-critical systems provided by stable vendors are now having a real
impact on those conversations.”

Other findings from the survey include 64% of respondents feel barriers of entry in the investment management business have increased in the
last two years. Nonetheless, 87% think it is still possible to launch new firms and products.

The survey results ultimately found that successful firm leaders must be familiar with all aspects of their organization, from the investment
decision-making process through the middle- and back-office, technology, compliance, client service and distribution. Managers are faced with
margin pressures on two fronts:

• Increasingly costly infrastructures driven by compliance and risk management requirements;
• Downward pressure on fees and changing fee structures.

The winners will be those organizations who learn to navigate these conflicting tides most effectively.

Sophis, a leading provider of cross-asset, front-to-back portfolio and risk management solutions, announced that it has been named ‘best
pricing and analytics – equities’, and ‘best trading systems, front-to-back office – equities’ in Risk magazine’s ‘Risk Technology Rankings 2009’.

Risk magazine polled thousands of banks, hedge funds, pension funds, insurance companies and corporate treasurers for this year’s technology
rankings, and received 2,437 responses.

Respondents were asked to vote for the technology vendors that provide the best product offering across a number of categories, including
enterprise risk management, risk capital calculation, front-to-back office trading systems, and pricing and analytics. Participants were asked to
base their votes on functionality, usability, performance, return on investment and reliability.

Pascal Xatart, CEO, Sophis said: “We are delighted that the investment industry has acknowledged our extensive risk management capabilities
with this accolade. The last couple of years have been tough on the global economy and exposed some fundamental flaws in the financial

                                                                                                                 Volume 4. Issue Number 1

landscape. This tremendous honour is recognition of our commitment to helping our clients improve their risk management processes and
trading systems, and our ability to adapt to our clients’ needs.”


Algorithmics was once again voted the top enterprise-wide risk management vendor, receiving more first places in the enterprise-wide
risk categories than any other vendor in the latest Risk Technology Rankings from Risk magazine.

Risk magazine, a leading financial risk management publication, established its annual technology rankings in 2004 to recognize best practice
and innovation in the risk management industry by leading software vendors. Risk practitioners select the winning organizations based on their
ability to best respond to the needs of their clients and address industry challenges.

Algorithmics was again recognized for providing superior risk solutions to help organizations go beyond measurement of risk and compliance,
to provide users with tools to make risk-aware business decisions. This was reflected in the survey results where Algorithmics recorded 4
category wins, was voted in first or second place in 8 of the 10 enterprise risk categories (market, credit, risk dashboards, Basel II, integrated
market and credit, counterparty and both operational risk categories) and overall secured 15 ‘Top 3’ positions.

Clive Davidson, contributing editor at Risk, said: “The big, established vendors with long track records have attracted the most votes,
demonstrating banks are looking for technology firms that can provide a full range of services. Toronto-based Algorithmics has again proved to
be the dominant risk management technology specialist. Aside from enterprise risk management and liquidity risk, Algorithmics has
concentrated on providing business decision makers with risk analysis tools.”

Michael Zerbs, President and COO of Algorithmics, said: "Innovation is one of the cornerstones of Algorithmics’ success and we are committed
to providing our clients with risk management solutions that meet the demands of fast-paced and changing markets. This award further
validates our continued leadership in enterprise-wide risk management and we are proud to share this achievement with our clients.

“The past year has seen a reassessment of risk practices across the industry”, he continued. “Our clients identified three main challenges: first,
how to get a timely, accurate and comprehensive perspective on firm-wide risk. Second, how to enable fully risk-aware business decisions at
every level of their organization, from trading desk through to boardroom. Third, how to deal with ad-hoc demands for risk information from
supervisors, regulators and other stakeholders.

“Our response has been to extend our Right Time initiative to bring accurate, comprehensive and timely risk information and analysis to those
who need it, when they need it. Together with our continuing investment in innovation and close collaboration with our clients, we are
delivering enterprise-wide technology solutions that help clients make informed, risk-aware business decisions.”


Thought leaders from the investment management analytics space gathered last week to discuss ‘Trends in Attribution’ for an evening hosted
by Orfival UK in London. Orfival manufactures and sells innovative software for the fund management industry. Its principal product ‘GPMS’
is totally modular; clients can pick and choose applications that suit them. One of the flagship modules is their portfolio performance, risk
measurement and attribution application.

“Risk models and risk architecture will be of primary importance to asset managers in 2010, our evening was a very interesting forum to
discuss and share ideas around this ever changing and highly topical area”, commented Torquil Warren, Head of Sales UK and Ireland for
Orfival UK.

Philippe Gregoire PhD, Head of Product Development at Orfival commented, “We used this forum to gain a view of what key risk exposures the
investment community will be facing in the year ahead and how they will be best positioned to prepare for 2010 from a analytics perspective”.

Guests in attendance were in agreement that Fund Managers need new unilateral models and ways of approaching risk in a decentralized
market environment.


                                                                                                              Volume 4. Issue Number 1

StatPro Group plc, a leading provider of portfolio analytics and asset evaluations services for the global asset management industry,
announces that MFC Global Investment Management (MFC GIM) has signed a contract for its GIPS compliance software. MFC GIM is the
institutional asset management business of Manulife Financial Corporation.

Global Investment Performance Standards (GIPS) are a set of ethical principles used by investment management firms. The principles establish
a globally standardised, industry-wide approach to creating performance presentations that communicate investment results to prospective

The agreement is to utilize StatPro Composites (a multi-currency tool for composite and account reporting to achieve and maintain GIPS®
compliance), through our SaaS platform.

“The purchase of the StatPro Composites system will enable MFC to manage GIPS compliance on a global basis using a single platform. The
deal supports our position as the premier provider of composites management software” said Mark Bramley, CEO North America at StatPro.

The system will support MFC Global’s performance and analytics teams in London, Toronto, Boston, Hong Kong and Tokyo. Through our SaaS
platform, the implementation will be much faster and less expensive to MFC than a traditional client-side installation would have been.
Regardless of location, users will be able to access data and applications, share functions and reporting.

Jacqueline Allard, Vice President and CAO at MFC Global Investment Management, said: “StatPro was chosen because of the superior
functionality of the system as well as its ability to support us on a global basis.


GlobeOp Financial Services has been named “European Hedge Fund Administrator of the Year” by Funds Europe magazine, the latest
honour among a wide range that recognised the company throughout 2009.

The Funds Europe judges commended GlobeOp for its “commitment to improving service to customers, thereby adding value to the asset
management industry”.

Hans Hufschmid, CEO of GlobeOp said: “In a year which challenged the business model and operational capabilities of many administrators,
awards judged by industry peers and clients further reinforce GlobeOp’s continued commitment to service quality and investment in people,
processes and technology.”

The Funds Europe award followed a number of prestigious awards and rankings for GlobeOp in 2009, including:

• In December, GlobeOp was judged a Leader in Innovation in the Financial-i magazine awards, in the data management/data storage

• In November, GlobeOp ranked 51st in the FinTech100. This revenue-based ranking by analyst house IDC Financial Insights is drawn from over
400 companies deriving more than a third of their revenues from financial services.

• Also in November, GlobeOp ranked eighth among the largest administrators in HFM Week’s bi-annual assets under administration (AuA)
survey. It also ranked third among largest administrators by percentage growth.

• In September, Hans Hufschmid, GlobeOp CEO, was inducted into Global Custodian's Hall of Fame for his contributions to shaping today’s
securities services industry.

• In August, ranked in the Global Custodian Global Top 10, GlobeOp earned 54 best-in-class awards. The annual survey is based on client
perceptions of service quality, expertise and value. GlobeOp also secured top-of-class ratings among $1 billion plus and multi-strategy

• For its thought leadership in identifying new market fundamentals that would reshape the hedge fund industry following the collapse of
Lehman Brothers, GlobeOp won the Public Relations Society of America (PRSA) Big Apple Award for integrated business-to-business
communications in May. The initiative was also highly commended "as providing a guiding light for hedge funds" at the UK PR Week awards in

                                                                                                                 Volume 4. Issue Number 1


DST Global Solutions           has launched the Chartered Financial Analyst Institute’s (CFA) Certificate in Investment Performance
Measurement (CIPM) program to its Asia business. Over the past 18 months, the company’s entire performance measurement solutions
division has been awarded the CIPM certification program credential. Asia is the latest region to undergo the training, considered as the
industry standard for performance measurement.

Rhodri Roberts, DST Global Solutions’ Head of Performance for Asia, said: “The CIPM serves as a valuable tool for our business as it
demonstrates our dedication to excellence in the provision of performance measurement solutions to the investment management industry.

"The certificate also provides our clients with external, objective verification that DST Global Solutions delivers performance measurement
solutions that are based on industry standards and best practice.”

The CIPM program offers the industry’s only designation dedicated solely to the specialised field of investment performance evaluation and
presentation. It is designed to test candidates’ mastery of a specialised curriculum in the areas of ethics and performance evaluation, as well as
the application of the Global Investment Performance Standards (GIPS®). GIPS are a set of standardized, industry-wide ethical principles that
provide investment firms with guidance on how to calculate and report their investment results to prospective clients.

DST Global Solutions and Colin Morrison, a member of GIPS’ Executive Committee and an independent industry consultant, have been working
in close collaboration on a number of initiatives in order to promote best practice and stimulate greater interest in the ever more sophisticated
field of performance measurement.

Des Gallacher, Head of Performance Solutions at DST Global Solutions, added: “The CIPM certification is a critical extension of DST Global
Solutions’ investment in its performance solution (HiPerformance). We continually invest in HiPerformance to help the application’s
functionality meet ever increasing market demands. Part of this investment goes towards enabling our staff to actively track trends in the
performance measurement field and communicate the impact of these trends along with suggestions for necessary actions to our clients.”

Amongst other qualities, the certification recognizes a practitioner’s proficiency in applying analytical techniques and preparing GIPS-compliant
presentations that guide investment firms in fairly representing and fully disclosing performance results.


RIMES Technologies, the award-winning financial data integrator and performance solutions provider for the investment community,
announced that ERSEL Sim S.p.A, the Italian and Luxembourg domiciled asset manager has selected Barra Performance on RIMES (BPR) to fulfil
its performance measurement and attribution requirements.

Ersel represents development and tradition, with over 70 years of experience in asset management. Since 1936, the company capital has been
held entirely by the family of the founder; the choice to stay completely independent has been pursued with tenacity and is the best guarantee
of a trustworthy, transparent and objective appraisal for investment decisions.

Founded in Turin as ‘Studio Giubergia’, Ersel focused right from the outset on asset management services. Ahead of time, in 1983 it set up the
first mutual fund management company authorised in Italy and, in 2000, was one of the pioneers in the hedge fund sector. With a staff of 170
people employed in its three offices in Italy and its office in Luxembourg, Ersel now offers its private and institutional clients tailor-made and
highly-specialised private banking services.

Guido Giubergia, CEO for Ersel, confirmed “we currently manage assets in excess of €6.5B and 26 mutual funds. Barra Performance on RIMES
will enable our performance team to produce performance measurement and attribution analysis on our equity and fixed income portfolios
and analyse the sources of portfolio return using the MSCI Barra attribution model, reflecting our investment processes”.

Christian Fauvelais, CEO for RIMES said “we are delighted to be including Ersel in our client list. Barra Performance on RIMES simplifies the use
of equity and fixed income benchmarks, which come pre-loaded and ready to be utilised: the Ersel performance team will have the wide range
of high quality benchmark and market data from RIMES at their disposal, combined with the multi-asset class performance analytics from MSCI

                                                                                                                    Volume 4. Issue Number 1

Roveen Bhansali, Managing Director and Head of the Analytics Business at MSCI Barra, said, “Barra Performance on RIMES provides high
quality performance measurement and attribution analytics for multi-asset class portfolios. These analytics are a direct result of years of
experience, research and listening to clients’ needs. We are excited to work with Ersel to help them fulfil their performance analytics needs.”


RIMES Technologies, the benchmark data management provider and recent winner of the Buy-Side Technology Award for Best Data
Provider to the Buy-Side for the third consecutive year, announced the opening of its new Paris office, further increasing its presence in

Frédéric Mancuso, a co-founder of RIMES, will lead the new office which is located on Avenue de l’Opéra in the financial district of Paris.
Renaud Larzillière joins him as Senior Program Manager to head the research and development team. Renaud was Senior Project Manager at
SAP/Business Objects, responsible for Business Objects Enterprise major release projects. Renaud’s goal will be to develop and enhance RIMES’
innovative suite of portfolio management, performance measurement and attribution tools, as well as the various programming interfaces that
allow quantitative analysts to access RIMES-hosted data from their desktop.

Emma Jayne Wood will be developing sales in the region. Emma Jayne brings a wealth of buy-side sales and business development experience
to RIMES. Prior to joining RIMES, Emma Jayne was UK Operations Manager at BI-SAM Technologies, the Paris-domiciled reporting,
performance & risk software solutions provider. During her 7-year tenure at BI-SAM, Emma Jayne held various business development and
account management roles at senior level.

The RIMES office in Paris will provide local sales and support functions in a market identified as strategic for RIMES. “Technical support and
customer service are vital components in any successful business and RIMES prides itself on providing best-in-class service to all of our clients
regardless of location or time of day,” commented Christian Fauvelais, CEO, RIMES. “As our commercial reach in France grows, the opening of
this new office in Paris supports our strong commitment to the French market and other French-speaking countries. We are very excited about
this development.”


Pricing Partners,      the independent revaluation expert and a world leader in mathematical models and analytics for derivatives and
structured products, announced the release of a new module providing VaR and Stress Tests calculations today.

With the recent unpredictable market movements, the accurate calculation of VaR, risks and stress tests on complex products has become a
crucial issue for banks, risk control departments, asset managers and hedge funds. This new module, called Price-it VaR, responds to the
following problems:

- Capture and manage your institutional risk and exposure across a variety of financial products and across various business units
- Measure the overall level of risks through Value at Risk (VaR and CVaR)
- Estimate the potential exposure with major sensitivities
- Stress-test your portfolios with customized and market crisis scenarios
- Respond to client and counterparty demands for advanced risk analyses and risk-adjusted performances
- Comply with evolving regulatory capital guidelines and gain maximum balance sheet efficiency
- Deliver a risk management solution that is sophisticated, scalable, and flexible, yet highly cost effective and simple to implement

Delivered online, Price-it VaR is a generic risk solution that leverages the Price-it financial library and the independent revaluation service Price-
it Online. Price-it VaR is very exhaustive and comprehensive. It covers all major asset class derivatives from vanilla to the most exotics on
interest rates, credit, foreign exchange (FX), equity, life insurance, inflation, commodity and hybrids. It is highly customizable, as users can
virtually describe any financial products due to the generic Price-it payoff language. Users can easily design, manipulate and analyze
information to create tailor made solutions and reports according to their needs.

Price-it VaR includes portfolio capture, security description, pricing engine, VaR and scenario engine reporting. This provides financial
institutions looking for a risk management solution with one of the most powerful tools for leveraging years of experience and market practice
in the trading environment.

                                                                                                                 Volume 4. Issue Number 1

Eric Benhamou, CEO of Pricing Partners and former Goldman Sachs remarked, "Price-it strengthens the VaR product range and Pricing Partners
allows us to position ourselves as a global player in the world of revaluation and risk management on financial derivatives. Price-it VaR is
unique and one of the most powerful modules trading VaR due to its flexibility. Price-it VaR synthesizes many years of experience and
knowledge of markets and will interest many customers looking for a viable solution for VaR and Stress Tests. "

Founded by former professionals of the trading floor, working in investment banks like Goldman Sachs, Société Générale, Natixis or HSBC,
Pricing Partners has become a major player in the financial derivatives fields in the past two years. In October 2008, Pricing Partners launched
its Internet independent revaluation platform, Price-it® Online, which affirms its leading place in financial modeling as well as an independent
revaluations provider. Designed for all major assets like Interest Rates, Equity, Inflation, Credit, Foreign Exchange, Commodities, and Life
Insurance to Hybrid products, Price-it® comes either as a software tools or an Internet Platform, providing all the tools for the transparent
revaluation on structured products. Price-it® online uses cutting edge mathematical models together with a new language to describe the
complexity of any structured products.


Kurtosys Systems Ltd announced that London & Capital have selected the Kurtosys Client Reporting solution for both client portfolio
valuation reports and fund factsheets.

Following a market and competitor review of client reporting standards and vendor solutions, London & Capital found that there was scope for
improvement in their existing reporting systems to meet client expectations for a modern and professional wealth management service. In
addition, their existing report production process was characterised as having a high level of manual intervention from both the client services
team and the IT department. London & Capital therefore took the decision to initiate a project to select a web based data management and
reporting solution to address these challenges. An evaluation of market leading solutions resulted in Kurtosys being selected to support their
client reporting requirements.

The initial phases of the implementation will focus on the delivery of the monthly and quarterly valuation reports underpinned by the
configurable data management and workflow tools that are inherent in the Kurtosys solution. This will mean that London & Capital will be in a
position to deploy a reporting data architecture that is built on a consistent data model designed to meet the requirements of parameterised
reporting for clients as well as data consumers within the organisation. In a later phase of the project, London & Capital will benefit from the
comprehensive client communications solutions stack, provided by Kurtosys, and deploy a client interactive Portal for self service client

Cliff Warner, Operations Director at London & Capital said, “We had previously looked at both the Kurtosys and FundWorks reporting solutions
in isolation. However, the result of the acquisition of FundWorks by Kurtosys provided London & Capital with the desired technical capabilities
as well as access to a significant industry domain expertise that will allow us to take our business forward and deliver state of the art reporting
to our clients and achieve greater operational efficiencies."

Mash Patel, CEO of Kurtosys comments, “Recently published research on the key trends for the industry suggest organisations will be focusing
on business agility and operational efficiency gains to build a positive growth strategy in 2010. By selecting our solution, London & Capital will
be able to enhance their client service proposition thereby retaining their existing client base and attracting new business with a competitive


Ortec Finance, a global provider of technology and advisory services for risk and return management , has been selected by Skandinaviska
Enskilda Banken AB (SEB) a leading North European financial group, offering universal banking services including wholesale, investment and
private banking services, to provide performance evaluation via Ortec Finance’s PEARL solution.

The Performance Attribution and Measurement system (PA) will allow SEB Wealth Management to improve evaluation for its institutional
client base and help consolidate and improve methods company-wide. SEB Wealth Management will be able to address Investment Decision
Levels and Structure above the mandate level and their related PA methods, increasing the efficiency and accuracy of its evaluation process
across all areas of the business.
                                                                                                               Volume 4. Issue Number 1

Ortec's PEARL solution offers flexible, reliable fully-automated performance measurement. Its unique design enables it to deal with investment
decision processes (IDP) that involve a variety of asset classes, derivatives (overlays), and management styles, delivering solid figures on how
investments truly perform.


Asset Control,      the world-wide leader in financial data management solutions, received several awards as an innovator and proven
software provider throughout 2009, as well as enjoyed a record year in terms of new client signings and success in completing an aggressive
agenda of new products and enhancements.

2009 Awards and Recognition

Asset Control won the following industry awards in 2009:

• “Best Enterprise Data Management Vendor” by readers of Inside Reference Data in May 2009
• “Best Enterprise Data Management/Reference Data Product” in Banking Technology magazine’s third annual Readers’ Choice Awards in
November 2009
• Financial-i magazine’s fourth annual “Leaders in Innovation” Award for Enterprise Data Management (EDM) in December 2009

In addition, Asset Control was recognized as a leading innovator in financial markets technology by Financial News in its 4th annual “Tech 21”
list of innovators and market leaders for the 21st century, as published in November 2009. Asset Control was chosen for its well-timed
upgrades and launch of new products to meet industry needs, and for its success in gaining new clients despite the economic downturn.

Historic, Record Year for New Clients

Asset Control continues strong organic growth by adding more new clients in 2009 than any other year on record since the company was
founded in 1991. Financial institutions across the industry and global spectrum—including hedge funds, insurance firms, asset managers, and
commercial and investment banks in North America, Europe, UK and Asia—selected Asset Control for data management. Among these new
clients signed in 2009 are Ping An Insurance (Group) of China and Investment Technology Group (ITG). Asset Control is expanding its team and
operations to support its growing, global customer base.

New Product Launch and Key Innovations

Asset Control successfully completed an aggressive program of product enhancements designed to help customers meet the challenges of
pricing and valuation, business entity data and counterparty risk, as well as help financial institutions in Asia expand their businesses and
become more globally invested. The company also launched a revolutionary new data management product, AC Invest, creating a new
paradigm that allows clients to adopt a role- and consumption-based data management approach suited to their specific business operations.

Asset Control’s key product innovations in 2009 included:

• Launch of the new AC Invest product for role-based data management compliance
• Enhanced desktop capabilities for price discovery and valuation
• New native language support for Asia
• Avox partnership to enhance business entity data quality and workflow
• Expanded Fitch Ratings credit and issuer coverage
• Added fully supported FinChina feed handler

In 2010, Asset Control’s product development roadmap will focus on helping clients gain greater efficiencies in data management, improve risk
management and compliance, and enhance the distribution of and access to data throughout their organizations.

Phil Lynch, Asset Control’s president and chief executive officer, said, “Asset Control’s new product innovations and enhancements, rapid
implementation methodologies, and unique and flexible approach to helping customers align the management of data with their specific
business goals have all contributed to the recognition it continues to receive in the financial services industry—in the form of awards and new

                                                                                                              Volume 4. Issue Number 1

clients. By making steady investments in our solutions, we are able to help firms accelerate their time to market, resolve the data management
issues that continue to play a critical role in their ability to overcome specific business challenges, and equip them to meet new requirements
in the future.”

A unique Barrington Partners research offers a detailed look at nine outsourcing vendors, including the functionality they provide, their
operational capability, the underlying technology they employ and importantly the implementation/conversion process offered by each
vendor. The following service providers are included in the 2009 review:

• Brown Brothers Harriman
• Bank of New York/Mellon
• Citi
• iX Partners
• JPMorgan Chase
• Northern Trust
• SS&C
• State Street

The Review contains an overview of the industry and its trends, summary results tables for each provider, a glossary, and detailed provider
reviews. These detailed reviews are in a common format to allow for comparison among vendors and their providers, and include user
comments throught as well in summary form. Because there is no single "best" service provider in the marketplace, providers are not rated.
Barrington Partners research can help clients find a good match between their needs and a provider's capabilities and pricing.


The EDHEC     Risk and Asset Management Research Centre recently announced the appointment of Mr. Ton van Welie, Chief
Executive Officer of Ortec Finance, to its international advisory board.

As CEO of Ortec Finance since 2006, Mr. van Welie oversees the daily operations of the company. He has been with Ortec Finance for over
fifteen years. Mr. van Welie graduated from the Erasmus University of Rotterdam with an MSc in Econometrics. He has maintained strong links
with academia teaching as a guest lecturer, and has published in various professional journals.

The 35 members of the EDHEC Risk and Asset Management Research Centre international advisory board are responsible for validating the
relevance and goals of the research programme proposals presented by the centre's management and for evaluating research outcomes with
respect to their potential impact on industry practices.

The EDHEC Risk and Asset Management Research Centre and Ortec Finance have created a research chair in Private ALM focused on
understanding the application of Asset-Liability Management (ALM) methodology in Private Wealth Management (PWM). The research chair is
a three-year research programme piloted by a joint Ortec Finance/EDHEC committee.


To top