Newly launched hedge fund Convexity Capital Management’s selection of Asset Control’s AC Plus platform is aimed at setting in place a reference data infrastructure that to underpin the fund’s expansion into new areas of business.
Convexity implemented AC Plus in under two days, and is using the system as its central repository in support of its integrated front-to-back-office processing systems. The relatively straightforward installation – there was no legacy platform to integrate with – will initially be used to handle data from one major data feed, but is expected to be migrated to others as the hedge fund moves into additional markets.
Convexity, based in Boston, was established last year by Jack Meyer, investment chief of Harvard University’s $25.9 billion endowment plan, with other former Harvard Management Co. executives. Harvard itself has pledged to invest around half a billion with Convexity.
So far, the fund has been tight-lipped about its plans, beyond stating that it expects the AC Plus platform to provide the “scalability to grow the system as the company grows.” More specifically, the fund cited AC Plus’s ability to link information such as security master and corporate actions.
David Hirschfeld, senior vice president of operations at Asset Control, says AC Plus initially will handle a single, unnamed feed at Convexity – an implementation he likens to a ‘starter pack’ – most likely from Bloomberg, Interactive Data or Reuters, although Hirschfeld isn’t saying. The AC Plus platform ultimately is expected to integrate further external data sources, and will distribute data to Convexity’s in-house applications.
The rapid deployment was also possible, Hirschfeld says, because the client had a very clear idea of what it wanted. Asset Control was also able to run a close-to-production version at its own premises, before delivering AC Plus was delivered turnkey, configured to the business requirements as defined by Convexity.