BNY Mellon Alternative Investment Services has launched a new service that independently validates hedge funds’ position records to third-parties, prime brokers, custodians, trustees and agent banks. The service independently verifies the pricing of funds’ securities.
The new service provides fund managers and their investors with transparency and additional assurance that fund assets are independently priced and validated. The service can be used to supplement client interface with accountants and independent auditors, can also be customized to meet specific requirements, including tolerance checking across positions, price or market values.
Brian Ruane, CEO of BNY Mellon Alternative Investment Services, said: “Hedge fund clients are telling us their investors are demanding an independent validation of their holdings. The price verification/asset validation service helps address this need, which in turn helps hedge funds retain and grow their investor base. While our broad network of pricing vendors and counterparties are the power behind this new offering, greater transparency is clearly the motivation.”
