HedgeOp and Backstop Ally for Hedge Fund Compliance
HedgeOp Compliance LLC and Backstop Solutions Group LLC announced their partnership in marketing and software integration that will combine HedgeOp's Web-based compliance platform with Backstop's Investment Partnership Management software. This combination of services will enable hedge funds and funds of hedge funds to address rapidly evolving compliance and operational challenges, while also managing client relationships, accounting, investment research, asset allocation and reporting processes.
"Regulatory compliance is one of the most important issues currently faced by the hedge fund industry," said Jeremie Bacon, CEO of Backstop Solutions Group, in a statement. "All leading investor management systems, including Backstop, allow managers to profile investors, store documents and monitor workflow, but only the combination of HedgeOp and Backstop provides a deeply comprehensive platform for managing regulatory and operational concerns."
As of Feb. 1, 2006, the majority of hedge fund managers will be required to register as investment advisors with the SEC and be in compliance with the applicable requirements under the Investment Advisers Act.
"A solid compliance and business infrastructure can accelerate workflow and help increase operational efficiencies, key goals for any fund seeking to build a prudent, effective business that ensures that the interests of their investors are adequately protected," said William Mulligan, Jr., chairman and CEO of HedgeOp, in a statement.
Backstop Solutions Group is the first provider of Investment Partnership Management software for hedge funds, funds of funds and family offices.
HedgeOp compliance focuses on helping hedge fund and fund of fund managers meet their compliance and SEC-registration challenges. The firm offers Web-based compliance tools and specialized compliance consulting services.