Global software services provider Patni Computer Systems today said it will offer 'Operational Fund Accounting Service', designed for the back office operations of asset management firms.
As asset management firms continue to look for ways to reduce costs while staying focused on areas of core expertise, Patni has developed a service to manage these critical back-office functions that ensure data consistency, accurate financial reporting, customer data security and privacy, Patni said in a statement.
Patni is currently managing back office accounting for 450 portfolio funds on behalf of customers within the hedge fund and mutual fund industries with more than $325 billion of assets under management, it added.
Apart from the new cost savings suite which combines IT outsourcing and BPO capabilities, two additional solutions will be introduced subsequently, focused on 'outsourced hosted global reconciliation services' and 'financial controls reporting', it said.
"Challenges facing the buy-side industry are growing with increased regulations, caution in the marketplace, and heightened competition," Patni Computer Systems Global Head (Asset Management Practice) Fred Cohen said.