Eagle Investment Systems, LLC, a subsidiary of BNY Mellon (NYSE:BK), announced Tuesday that Lazard Capital Markets' Prime Services division has deployed Eagle's suite of services designed for Lazard’s hedge fund brokerage clients.
The suite provides data management, investment accounting, performance measurement, and information delivery solutions, all hosted via Eagle Access, the service provider. Lazard, which launched a new business focused on hedge fund prime brokerage, licensed the Eagle suite to provide those services to its hedge fund client base. Its Prime Services division, according to the company, “offers a front-to-back solution for hedge fund managers with a focus on premium technology and client service.”
The system gave Lazard Capital Markets “more than half of its required reports out of the box,” according to the company, and others were available through the application of minor modifications to already existing reports.
Headstrong, a global IT consulting and outsourcing company that focuses on capital markets and securities, manages the accounting, reconciliation, performance, and end reporting functions for Lazard Capital Markets' client service group.
David Wertentheil, Lazard Capital Markets' managing director and head of prime services, said in a statement, "This provides our clients the best of both worlds—progressive technology with institutional support coupled with a marquee capital markets platform."