Northern Trust announced Wednesday that it had launched a portfolio reporting and monitoring system for managers of private equity funds-of-funds that would allow them to track in detail all their funds' holdings and valuations, on down to the portfolio company level.
The system records transactions at the underlying investment company level; shows valuation processing at the same level with real-time adjustment of cash flows; provides portfolio reporting diversified by geography, industry, vintage year, or other categories; offers summary investment reports; gives specific reports on such factors as unique investment exposure across all funds; and benchmarks performance against a range of indices.
Mark Schoen, head of global product and strategy for Europe, the Middle East, and Africa, said in a statement, "Detailed tracking of underlying investments by a private equity fund of funds manager can be a very time-consuming, specialized and resource-hungry middle office operation. Through Northern Trust's fund and investment tracking solution, we can provide our clients with a high level of granularity and reporting that effectively 'looks through' the underlying funds to the ultimate investments."
Peter Cherecwich, Northern Trust's chief operating officer for corporate and institutional services, said, "Northern Trust developed this offering in line with our continuing focus on tailored solutions for clients."
Northern Trust provided private equity fund administration services to over 60 different client groups, covering 113 funds, as of January 1, 2010.