NEW YORK (HedgeWorld.com)–In the third quarter, Hemisphere plans to begin the initial implementation of the h-EDGE platform, which is being developed by the hedge fund administrator integrating Eagle Investment Systems software.

The new platform brings together Hemisphere’s proprietary technology with the Eagle’s Pace, STAR and the forthcoming PT-Plus software systems, which provide portfolio management, investment accounting, partnership and tax accounting tools for hedge fund managers. The hiring of Eagle by Hemisphere expands the current hedge fund administration services provided by Hemisphere with a number of advanced capabilities.

“This is cutting edge industrial-strength technology,” said Tom Healy, president of Bermuda-based Hemisphere, which mutual fund administrator BISYS acquired last March and operates as part of BISYS’ alternative investment services area.

The h-EDGE platform is new in its support of straight-through securities processing, reconciliation and pricing; daily P&L reporting; and flexible web-based reporting and inquiry capabilities for portfolio analytics.

Eagle’s existing software package helps Hemisphere make rapid changes to the platform’s functionality without onerous programming intervention or reconciliation. The share register component of the system also supports the increasing complexity of the hedge funds and funds of funds and their distribution, according to BISYS officials.

Last March, Eagle teamed up with Morgan Stanley Prime Brokerage to develop the PT-Plus program, promising a system with improved partnership accounting and tax capabilities in areas such as allocations, layering, tax compliance, flexible incentive fee and performance-based fee calculations.

Hemisphere is one of the largest hedge fund administrators in the world with 200 clients and administers more than 400 hedge funds, funds of funds and other alternative investment products, representing more than US$50 billion in assets.

SBarreto@HedgeWorld.com