Morgan Stanley, a leading tier 1 bank has appointed SS&C Technology as administrator to their recently launched FX Gateway platform for institutional investment managers.
The appointment shows that Morgan Stanley is keen to offer currency managers the best fund administration services by partnering with SS&C. They will act as the administrator responsible for net asset value calculations and to leverage SS&C’s technology expertise to maximize operational efficiency. Under the terms of the agreement, SS&C will provide transaction processing, prime broker and counterparty reconciliation services and deliver performance and liquidity reporting on a daily basis through its web portal, SSCFundServices.com.
Retail FX has been gaining allot of coverage as volumes and market participants have been increasing, the number of fund managers trading in FX has also been on the rise.
SS&C has a particular focus on fund administration for hedge funds, fund of funds and private equity as well as middle- and back-office accounting and outsourcing Business process outsourcing BPO or Application Service Provider ASP services for institutional asset managers. It also delivers mission-critical processing for information management, analysis, trading, accounting, reporting and compliance.
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SS&C maintains over 5,000 clients, who, in aggregate, manage over $16 trillion in assets. SS&C competes with the likes of State Street, BNY Mellon, Sungard and Princeton Financial software.
“SS&C stood out with excellent technology, expertise and independence,” said James Rogers, Executive Director and Head of the Gateway Platform at Morgan Stanley in London. “We were impressed with the high level of expertise and flexibility in providing solutions that has been demonstrated. It is comforting to know we have a trusted partner that will service the FX Gateway Platform at the highest level to let us focus on growing this business.”
SS&C has a wide range of products for Foreign Exchange including Margin Man. MarginMan provides an industry-standard solution for collateralized foreign exchange (FX) trading, precious metals trading and over-the-counter (OTC) FX options trading.
Morgan Stanley has been redeeming itself as a prominent player in the FXPB space with its Matrix platform, in the Euromoney 2011 FX Survey they were included in the top ten list of banks. Forexmagnates team will be outlining daily volumes in the institutional arena in the next quarterly report.