The expanded service bureau offering could allow fund managers to reduce the cost of transaction processing.
The ADP Service Bureau offers full back office support, including:
- fund accounting
- trade and position reconciliation
- daily net-asset value calculations
ADP entered the fund administration business through its acquisition of OMR Systems in 1999, which had been providing full back office services to some of the largest financial institutions in the world for more than 15 years.
The ADP Treasury Service Bureau currently services more than 160 domestic and international hedge funds and investment advisors, and reconciles more than 1,400 brokerage accounts every day, according to the company.