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Multifonds' credibility a key feature for new fund venture

Multifonds' credibility a key feature for new fund venture

Early in 2010, Paddock Funds Administration became the latest business in the sector to go live with Multifonds Fund Accounting.

Paddock Fund Administration was only established in August 2009, the result of a strategic alliance between the long-established, family-owned Paddock Group and a team with extensive experience in the worldwide investment fund industry.

The new entity is positioning itself as a specialised, independent and dedicated company in fund administration, transfer agency, client communication and domiciliation.

"We act as an independent partner with PSF status, servicing international clients as central administrator for investment funds with a non-exclusive focus on specialised investment funds domiciled in Luxembourg," says new partner and COO Tom Bernardy.

"Our initial plans were to start with a 'light' solution, adapting the existing accounting systems Paddock had in place for handling non-regulated funds. However we quickly came to be busier than we'd anticipated. Clients were already starting to ask about the software we were using and its capabilities when a major opportunity arose with a client managing 10 funds. We just had to prove we could actually handle the task.

"We called for proposals from suppliers and looked closely at two - one from Multifonds, the other from a relatively new American company.

"It soon became apparent that Multifonds was the way to go because of its reputation and credibility. That was something we could leverage from - we wouldn't have to go into detail about the software's capability because it was already a known quantity in the market. It was enough to be able to say 'this and that major players' in the market are using it too.

"The system itself looked very user-friendly to us, and that was supported by comments we got about its flexibility - basically we got the impression that this was a system that could do whatever we might require of it, which would position us well for the future.

"The Multifonds team was very forthcoming about how they would implement it and how far they'd go to help. We were confident we had a unique opportunity and that we should take it.

"The responsiveness of Multifonds has been really dramatic. They provided the right people and we had the whole system installed and operational in just three weeks."