Bank of New York today opened its new electronic data warehouse to provide real-time transaction reporting and distribution information to hedge funds of funds, according to Marina Lewin, managing director. The service, available through the bank's hedge-fund technology platform, also provides workflow and document management and can serve as a storage center for business records including fund structures, financial statements and other forms.
"It's a communications tool and a data-storage tool and a trade-control tool," Ms. Levin said in an interview. Development of the warehouse came through the bank's "recognition of (fund of funds') need to control a very manual process in that fund-of-funds investment is document-heavy and direct-communication-heavy."
