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HEDGE FUND TECHNOLOGY FRONT OFFICE: Research and Analysis FRONT OFFICE: Research and Analysis Vendor Product The Skinny AIM Software GAIN Corporate Actions DM Tracks various corporate events for companies in an investment portfolio, enabling aimsoftware.com the manager to react promptly to announcements. Austrian vendor founded in 1999. Arialytics Aria Aims to reduce the time it takes to identify, design and review trading algorithms. arialytics.com Created with new and emerging managers in mind. Allows users to quickly analyze big-data sets to identify patterns and predictors. Machine-learning component tweaks models in response to real-time activity. Rye, N.Y., vendor founded in 2010 by David Marra, previously a principal at Boston Consulting. Dataminr Dataminr Continually monitors and analyzes publicly available Twitter feeds for information dataminr.com about companies and investments. Provides customized real-time alerts. Serves 50-plus financial firms with a combined $500 billion of assets. New York vendor, founded in 2009 by three Yale graduates, has raised $50 million of venture capital. Deltix TimeBase, Software suite allows quantitative managers to aggregate and analyze vast sums deltixlab.com QuantOffice, of data, develop trading algorithms, back-test models and execute trades. QuantServer Customers can purchase components separately or in a bundle. Also offers a hosted version. Clients include Ananta Capital. Employee-owned company, based in Natick, Mass., was founded in 2005. EidoSearch EidoSearch Quantitative-investing software employs pattern recognition to analyze equity, eidosearch.com futures, foreign-exchange and global-macro instruments. Clients include Bridgewater and TIG Advisors. Chief executive Steven Zhang has worked with NASA and on the Human Genome Project. Former Thomson Financial chief executive Jeff Parker named chairman in 2013. Toronto company founded in 2009. eVestment Quantum Analytics, Web-based systems help funds of funds and other investors analyze hedge fund evestment.com Spectrum Analytics, performance and liquidity. Quantum Analytics is the most powerful and expensive of Spotlight Analytics the three versions, followed by Spectrum Analytics and Spotlight Analytics. Atlanta vendor, founded in 2000, has grown by acquiring companies including Fundspire, HedgeFund.net and PerTrac. FactSet Research Systems FactSet Entity Data Announced in February 2015 that it was acquiring Code Red, a Boston software firm factset.com Management that provides research-management products to institutional investors. FactSet’s technology matches data sources to identify links between entities, securities, people and funds. Norwalk, Conn., vendor, founded in 1978, is publicly traded company specializing in analytical applications for investment firms. Kensho Technologies Warren Online tool analyzes performance of various assets under multiple conditions via kensho.com plain-language queries. Cambridge, Mass., company founded in 2013 by a Harvard Ph.D and a former Google programmer. Secured $10 million of seed capital from, among others, Google Ventures and Devonshire, Fidelity’s private-investment arm. Ledgex Systems Ledgex Research Processes large amounts of research data to perform manager-selection and ledgex.com manager-monitoring functions. Designed for funds of funds, endowments, pensions and family offices. Boston vendor founded in 2008.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Research and Analysis FRONT OFFICE: Research and Analysis Vendor Product The Skinny Lucena Research QuantDesk Online portal billed as easily accessible and affordable way for fund managers to lucenaresearch.com access quantitative tools including advanced pattern-recognition algorithms and big- data analysis. Product suite includes “price forecaster,” “portfolio optimizer” and “hedge finder” functions. In November 2014, augmented predictive models with consumer-travel data from AirSage. Atlanta-based Lucena co-founded by former F- 15 fighter pilot Tucker Balch, a Georgia Tech professor specializing in artificial intelligence and machine learning. Market Prophit Market Prophit Takes big-data approach to monitoring social media for clues to market sentiment. marketprophit.com Uses proprietary method to weigh bullish and bearish comments on Twitter. Also ranks posts based on the accuracy of past predictions. Firm based in New York. Markov Processes Stylus Pro Suite Software suite integrates in-house and third-party data to perform returns-based International analysis. Helps hedge funds develop leverage and short-position strategies, markovprocesses.com understand risk factors driving returns, separate alpha from beta and carry out other analytical tasks. Summit, N.J., business started in 1990 by Russians Michael Markov and Mik Kvitchko, who first developed software based on the analytical methods of Nobel Laureate William Sharpe. Mosaic Research Vendor Relationship Manager Gathers feedback and quantifies the value of a firm’s research vendors. New York Management company founded in 2010. mosaicrm.com QuantConnect QuantConnect Cloud-based system designed for startup and smaller quantitative managers. Allows quantconnect.com users to design and back-test trading programs, drawing computing power from hundreds of servers for fast results. Provides access to historical data on equity prices and foreign-exchange rates. New York vendor offers multi-tiered pricing based on size and scope of clients’ operations. Founders Jared Broad and Shari Rosen secured financing from angel investors in 2013. RavenPack RavenPack News Analytics, Offers two tools designed to harvest structured information from unstructured text ravenpack.com RavenPack Indicators published by leading news and social-media sources, with aim of delivering machine-readable data. Customizable for various applications, including event alerts and triggers. Vendor, with offices in London and New York, founded in 2003. Software AG Apama Real-Time Analytics Performs real-time analysis of multiple data streams to formulate trades in response softwareag.com to corporate events. Aimed at event-driven traders. Publicly traded German vendor focuses on big-data applications.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management Vendor Product The Skinny ACA NorthPoint Order Management System Integrates with most electronic-trading platforms using FIX protocol, offering broad acacompliancegroup.com coverage of asset classes including fixed-income instruments and swaps. Offers user-configurable, rules-based compliance tool that supports pre/post trade and ad hoc tests, alerts and audit trails. Seamlessly integrates with ACA NorthPoint’s portfolio-management system, and comes packaged with its Security Master and Price Master applications. Vendor known as NorthPoint Financial before being acquired by ACA Compliance in November 2014. Advent Software Moxy In July 2015, Advent was acquired by SS&C Technologies in a $2.6 billion deal advent.com creating a financial-technology powerhouse serving more than 10,000 clients. Advent’s installed or hosted system connects users to multiple trading partners, including dark pools, and performs a range of functions covering multiple asset types. Supports algorithmic trading of stocks and options, providing access to 250 algorithms from 25 brokers. Also available as front- to back-office system that includes Advent Rules Manager and Advent Portfolio Exchange. Apex Technologies Vector, Developed by firm best known as a fund administrator. Multi-asset order- apexfundservices.com Vision management system, Vector, syncs with portfolio-management system, Vision, which provides real-time position monitoring and reporting. Designed to work with Linedata’s execution-management system. In March 2014, Vision augmented with NAV calculator Tzero that values assets within three hours of market close. London- based Apex administers $28 billion of hedge fund assets via 34 offices globally. Black Mountain Systems Everest Handles a variety of functions including order management, portfolio management, blackmountainsystems.com reporting, compliance and data management. Primarily designed for managers investing in bonds and loans. San Diego firm founded in 2007. Bloomberg Bloomberg Asset & Front- to back-office suite specifically designed for hedge funds and other buy- bloomberg.com Investment Manager (AIM) side shops. Hosted platform suitable for range of assets. Entry-level version, Hedge Fund Tool Box (HBOX), is available for funds with less than $250 million. Calypso Technology Calypso System performs front- to back-office functions including order management, calypso.com liquidity control, collateral management, risk analysis and accounting. Supports trading of stocks, bonds, currencies, money-market instruments, commodities, derivatives and other instruments. San Francisco vendor, founded in 1997, counts some 40 buy-side clients, including AllianceBernstein and Cairn Capital. Charles River Systems Charles River IMS Front- to back-office investment-management system from one of the leading buy- crd.com side technology vendors. Bundles multiple products including Charles River Trader (order execution), Charles River Manager (portfolio management), Charles River Settlement (trade confirmation and settlement) and Charles River Compliance (pre- and post-trade monitoring). In October 2014, began offering users the option to receive Interactive Data’s corporate-action service through investment book of record (IBOR) product. Burlington, Mass., vendor has 350-plus clients worldwide. Citadel Technology “Core” Order Management Automates range of functions, from pre-trade compliance to trade reconciliation. citadeltechnology.com System Also available in “Plus” and “Premium” versions that offer more advanced compliance-monitoring, analytics and hedging capabilities. Technology originally developed for use by Ken Griffin’s investment team at Chicago hedge fund shop Citadel. In 2013, technology unit partnered with REDI Global Technologies, a former Goldman Sachs unit, to integrate REDI’s execution-management capabilities. Citco Citco AExeo Front- to back-office system developed by Tudor Investment, which licenses the citco.com software to Citco on an exclusive basis. AExeo offers a securities database, manages portfolios, runs analytics and generates profit-loss statements. In 2012, Citco partnered with Infonic of Switzerland to integrate Infonic’s HedgeSphere software, which offers middle-office and portfolio-management tools to funds of funds. Citco best known as the world’s largest hedge fund-administration business.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management Vendor Product The Skinny Cymba Technologies Cymba Athena IMS Performs decision-support, order-management and execution-management cymba-tech.com functions, as well as compliance, accounting and real-time profit-loss analysis. London vendor founded in 2006. Derivation Software Derivation Developed as front-office tool, but has expanded into front- to back-office system derivation.co.uk handling portfolio-management, risk-management and accounting functions. U.K. firm, founded in 1996, began targeting buy-side managers in 2005. Client roster is heavy on hedge funds, including Nan Fung Investment and Skyline Capital. Eze Software Eze OMS, Eze’s order-management system “dominates the hedge fund market,” according ezesoft.com Eze JumpStart to Aite Group, with some 500 clients. Distinguished by open architecture, robust compliance functions and mobile applications. Offers 750-plus broker-supported algorithms. OMS often bundled with Eze’s execution-management software, RealTick EMS, and portfolio-management product, Tradar PMS. Introduced Eze JumpStart in January 2015 as a “turnkey” system for startup hedge fund operations. In 2013, ConvergEx sold Boston-based Eze Software and RealTick businesses to private equity firm TPG. Fidessa Minerva Performs order-management functions for large asset managers trading equities, fidessa.com fixed-income securities, futures, options and over-the-counter derivatives. Can be integrated with Fidessa’s portfolio-management and compliance tools. Recently added trade-affirmation capabilities. U.K. public company founded in 1981. FinlogiK FinlogiK for Investors Software suite designed to achieve fast processing, timely pricing and evaluation finlogik.com of trades using financial models, market-data management and risk management. Montreal vendor founded in 1998. Fiserv Portfolio Management & Product suite includes Global Portfolio Accounting, which manages confirmations fiserv.com Trading of trades; Investment Manager, a tool for creating and managing securities portfolios; as well as Managed Accounts, Model Management, Reconciliation Manager, Reporting Services and Trading Services. Thirty-year-old financial- technology giant formed via merger of First Data Processing of Milwaukee and Sunshine State Systems of Tampa. FIX Flyer FIX Engine, FIX Engine facilitates high-speed trades (less than 25 microseconds) via links to fixflyer.com Drop Copy Service brokers, exchanges and electronic-trading networks. Drop Copy Service provides connections to a variety of trading partners including Bloomberg and Goldman Sachs for trading equities, options and fixed-income securities. New York vendor founded in 2003. FlexTrade Systems FlexTrader Provides range of execution-management functions including pre- and post-trade flextrade.com analytics and algorithmic strategies. Handles wide range of assets. Configurable for multiple traders over a network, and runs on Mac, Linux, Unix and Windows systems. Offers a hosted option called FlexTrader EXP. Great Neck, N.Y., vendor founded in 1996. Indata Intelligent Portfolio Performs front- to back-office functions including order management, portfolio indataweb.com Management (iPM) accounting, compliance, reconciliation, performance monitoring and research management. Can be accessed via cloud. Clients can purchase iPM Back Office and iPM Trading modules separately. Employee-owned firm based in Greenwich, Conn. InfoReach InfoReach Trade Customizable trade-management software performs pre- and post-trade analysis and inforeachinc.com Management System, offers broker-provided algorithms. Handles trades of equities, options, futures and HiFREQ, currencies. HiFREQ version, for high-frequency traders, can execute 20,000-plus InfoReach Prelude orders per second on a single connection. Prelude is a pre-configured version of TMS for traders who don’t require customization. Chicago vendor founded in 1995. ION Trading Spectrum Treasury Installed and hosted versions perform front- to back-office real-time functions iontrading.com including trade execution, verification and confirmation, as well as risk management and accounting for stocks, bonds and derivatives. Developed by Financial Software Systems, which London-based ION acquired in 2013.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management Vendor Product The Skinny ITG ITG Order Management Suite of applications designed to help portfolio managers and traders coordinate itg.com System (MacGregor XIP), transactions involving stocks, bonds, futures and options. Posit flags opportunities Posit, to cross stock trades, automates trade matching and reduces trading times. Triton Triton provides direct access to hundreds of brokers. New York vendor founded in 1987. Linedata Linedata Longview, Longview software designed to manage trade execution for complex users, such linedata.com Linedata Global Hedge as investors with multiple prime brokers or complicated client mandates. Portfolio- Portfolio Manager, management system, previously called Beauchamp, performs front- to back-office Linedata Trader+ tasks and supports multiple currencies, security types and investment strategies. Trader+ is a hosted system that assists traders with pre-trade compliance checks, order creation, execution management and other tasks. French firm, founded in 1998, has been adding hedge fund clients at fast clip. Liquid Holdings LiquidTrade Broker-neutral platform combines low-latency trading tools with order- liquidholdings.com management capabilities to ensure trading complies with a manager’s investment policy. Allows clients to store full audit trail of transactions and automates application of restricted lists, pre-trade compliance rules and fair-allocation rules. New York vendor, founded in 2012, cited by Aite Group as an up-and-comer among front-office technology providers. In early 2015, introduced mobile app giving managers remote access to full range of portfolio, risk and reporting functions. Molecule Software Molecule Designed for smaller commodity-trading shops specializing in oil, gas and power molecule.io contracts. Handles thousands of exchange-traded and over-the-counter instruments. Cloud-based system allows managers to plug in and begin trading the same day. Houston vendor founded in 2012 by chief executive Sameer Soleja, who previously developed energy-trading software for EnForm Consulting (now part of SunGard), BearingPoint and Stryve Advisors. Neovest Neovest 7.0 Performs pre-, post- and in-trade analytics along with order- and execution- neovest.com management functions. Supports high-frequency global operations with multiple prime brokers. The Orem, Utah, vendor has been a unit of J.P. Morgan since 2005. NinjaTrader NinjaTrader Electronic-trading platform popular among solo managers and smaller firms. ninjatrader.com Automates full range of pre-trade and execution functions, including data analysis, strategy back-testing and trade management. Handles stocks, futures and currencies. Ten-year-old vendor based in Denver. Nirvana Solutions Nirvana Solutions Cloud-based system handles order-management, portfolio-management, nirvanasolutions.com accounting, risk-management, reporting, portfolio-analytics and data-management functions. In addition to fund managers, clients include fund administrators and other types of hedge fund service providers. New York vendor founded in 2006. OpenLink Findur Software performs virtually all front- to back-office functions for firms that trade olf.com agricultural commodities, metals and over-the-counter derivatives. Installed and hosted versions available. Uniondale, N.Y., vendor sold in 2011 to private equity firm Hellman & Friedman by Carlyle Group. Orc Group Orc Trader Derivatives-trading system performs a range of functions including pre-trade orc-group.com analysis, trade execution, risk management and compliance. Stockholm vendor owned by private equity shop Nordic Capital. Portware Portware Enterprise, Allows investment firms to customize execution-management systems for portware.com Alpha Vision algorithmic trading of equities, futures, options and currencies. Alpha Vision incorporates artificial intelligence to switch between algorithms based on real-time market inputs. New York vendor founded in 2000. Clients include Invesco. Quantica Trading Cloud Trader Hosted system designed to streamline development of algorithmic strategies. quanticatrading.com Allows managers to begin trading with lower upfront costs. Covers all asset classes and links with brokers in major markets. Vendor founded in 2008 under name Embium. Adopted Quantica name in 2014.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Trade Execution and Management FRONT OFFICE: Trade Execution and Management Vendor Product The Skinny REDI Global Technologies REDIPlus Execution Software performs trading and portfolio-management functions for stocks, bonds redi.com Management System (EMS) and derivatives. Vendor owned by a group made up of Bank of America, Barclays, Citadel Securities, Goldman Sachs and private equity firm Lightyear Capital. Previously was majority-owned by Goldman, which acquired its stake via $7 billion acquisition of Spear, Leeds & Kellogg in 2000. Spear Leeds launched REDI in 1992. SGGG Portfolio Systems FUNDpliance Designed for small and mid-size hedge funds. Performs real-time functions sgggpsc.com including trade-order management, profit attribution, risk analysis, reconciliation, accounting and compliance. Toronto vendor is affiliated with fund administrator SGGG Fund Services. SimCorp SimCorp Dimension SimCorp’s multi-asset system performs virtually all front- to back-office functions. simcorp.com Includes modules for asset-management analysis, securities lending, compliance, fund administration, accounting, management of real-time market data, order management, financial reporting, risk analysis and post-trade processing. Clients include American Century and Schroder Investment. In 2014, Copenhagen vendor acquired 100% of U.K.-based Equipos, which develops reporting software. Sky Road Motion Services Platform Cloud-based program supports customized trading and portfolio-management skyroad.com functions for managers of derivatives portfolios. Fully integrated with Bloomberg. Offers access to broker-provided algorithms. Clients include Napier Park Global Capital. Chicago vendor, founded in 2005, opened New York office in 2013. SS&C Technologies Global Wealth Platform In July 2015, acquired Advent for $2.6 billion in a deal that combined its more than ssctech.com 6,000 financial-services clients with Advent’s 4,300 customers, which include hedge funds, administrators, prime brokers and wealth managers. Global Wealth Platform is a fully integrated front- to back-office system designed for long-only portfolios. Nearly half the clients use cloud-based version. Can be integrated with SS&C Market Trader or other vendors’ execution-management platforms. Windsor, Conn., vendor markets some 60 products and has built a top fund-administration business via acquisitions including 2012 purchase of GlobeOp. SunGard Data Systems Front Arena, Front Arena software allows traders and asset mangers to trade and manage sungard.com Hedge360 positions of listed securities. Hedge360, available in a hosted version, is a front- to back-office system that includes Front Arena and exploits SunGard’s middle- and back-office capabilities. Recent Hedge360 converts include global-macro manager Altreaus Capital. SunGard, formed via spinoff from Sun Oil in 1983, is among the largest software and technology companies. In 2005, a consortium led by Silver Lake Partners bought the Wayne, Pa., vendor for $11.4 billion. Tora Trading Services Tora Compass Software suite performs trade-execution and order-management functions for tora.com hedge funds, mutual funds and proprietary-trading desks operating on 24 exchanges across 14 Asian countries. Ten-year-old vendor based in Tokyo. Trading Technologies X_Trader, Firm’s flagship product, X_Trader, allows users to execute high-speed derivatives tradingtechnologies.com TT SIM, trades through any broker on exchanges worldwide. The TT SIM module allows X_Risk users to simulate trades and test strategies against live pricing. X_Risk monitors risks associated with current positions of each trader and can quickly find and cancel orders at a moment’s notice. Chicago vendor was founded in 1994, and in 2010 acquired TickIt Trading Systems, the developer of a visual programming platform that allows traders to test trading algorithms without writing code. TickIt was co-founded by Rick Lane, the current chief executive of Trading Technologies. TradingScreen TradePrime Provides real-time views of positions, profit-and-loss reports, exposures, tradingscreen.com rebalancing functions, pre-trade allocations, compliance checks and risk analytics. Available in installed and hosted versions. Tokyo vendor founded in 1999. In 2009, acquired Lava execution-management system from Citigroup, which then designated TradingScreen as its preferred execution-management system for institutional buy-side clients.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Portfolio Management FRONT OFFICE: Portfolio Management Vendor Product The Skinny ACA NorthPoint Portfolio Management and Provides real-time views of positions to help determine risk exposures, valuations acacompliancegroup.com Reporting System and profits and losses for most asset classes. Accommodates custom data and calculations. Credit and distressed-debt component handles loan-origination, deal- tracking, loan-servicing, asset-administration, loan-accounting, pre-trade compliance and other functions for bank debt, distressed debt, CDOs, CLOs and loans. Seamlessly integrates with ACA NorthPoint’s order-management system. Advent Software Advent Portfolio Exchange APX is a front- to back-office system designed to assist managers trading various advent.com (APX), types of securities. Capabilities range from deal prospecting to trade execution and Geneva management, investor relations and communications with third-party service providers. Can be fully integrated with Advent’s order-management system, Moxy. Geneva is preferred tool for managers of advanced derivatives portfolios. Athena Investment Systems Aura OMS Designed specifically for hedge funds that trade over-the-counter derivatives. athenasystems.com Software performs portfolio-management, trade- and order-management, risk- analytics, pre-trade compliance, price-alert and data-archive functions. Founding partners Scott Sykowski, Stefano Guarnieri and Louis Otero previously worked at MacGregor, a trading-technology developer acquired by ITG in 2005. Axioma Axioma Portfolio Optimizer Portfolio-construction software uses internal, third-party or Axioma risk models to axioma.com support a range of investment strategies. The firm’s other portfolio-management offerings are Axioma Portfolio Performance Attribution, Axioma Portfolio Backtester and Axioma Portfolio Analytics. New York vendor founded in 1998. Broadridge Financial Broadridge Portfolio Master Combines order-management tools with comprehensive portfolio-management broadridge.com system applicable to wide range of assets. Managers can purchase hosted “hedge fund in a box” version for as little as $75,000. Software originally introduced in 2005 by Paladyne, which acquired it from multi-strategy fund shop Alexandra Investment. Broadridge, based in Lake Success, N.Y., acquired Paladyne in 2011 to gain a foothold in hedge funds. Sales of Portfolio Master have been strong of late. A performance-reporting application was added in 2014. CDO Software CDO Tools Suite of software for managing portfolios of CDOs and CLOs. Offerings include: CDO cdosoftware.com Director for managing deals; CDO Grid for speeding up the modeling and analysis of deals; and CDO Investor for monitoring and valuing issues. Other products in the suite are CDO Reporter, CDO Scheduler and CDO Tracker. In 2012, founders of the London vendor sold the rights to their software to a team backed by Neil Carthy. Citadel Technology Trade & Position Based on systems Citadel developed for its own hedge funds. Offers real-time data citadeltechnology.com Management System on traded positions, profits and losses and foreign-exchange exposure, as well as risk. Technology business, which Citadel launched in 2012, is headed by Stuart Breslow, who previously led ConvergEx RealTick. ClearStructure Financial Sentry PM, Sentry PM is a Web-based system designed to perform real-time functions Technology ClearStart including pre-trade analytics, order management, risk management, performance clearstructure.com measurement, reconciliation and accounting for a wide range of assets. ClearStart version, unveiled in 2014, is aimed at new and emerging hedge fund managers. Danbury, Conn., vendor was founded in 1999 when Atlantic Asset Management spun off its information-technology group. Enfusion Systems Enfusion Integrata Designed with hedge funds in mind, system integrates trading with middle- and enfusionsystems.net back-office functions, including links to prime brokers and administrators. Capabilities include order management, profit-and-loss calculations, collateral management, risk monitoring, compliance and reporting. Chicago vendor got started in 1997. Clients include Balestra Capital and Pentwater Capital. Eze Software Tradar PMS Designed to complement Eze’s market-leading order-management system. Sales ezesoft.com of Tradar PMS rose 40% in 2014 over previous year. In first quarter of 2015, Eze upgraded the system to provide expanded asset-class coverage, with strong support for derivatives and foreign exchange.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Portfolio Management FRONT OFFICE: Portfolio Management Vendor Product The Skinny Fidessa Tesseract Supports trading of numerous asset classes, including derivatives. Integrates a full fidessa.com suite of analytical tools from multiple vendors, along with sophisticated settlement and compliance functions. U.K. vendor, founded in 1981, is a public company. Acquired trading-technology company LatentZero in 2007. Imagine Software Imagine Trading System Performs portfolio-management functions for equities, bonds, currencies and derivatives.com many derivatives. Handles pre- and post-trade analytics, real-time pricing, trade capture, real-time profit-and-loss reports, risk analytics, stress-testing, what-if scenarios and valuation modeling. Available as installed software or hosted system. Clients include Arrowgrass Capital, Larch Lane Advisors and SkyBridge Capital. Twenty-year-old vendor, based in New York, has expanded asset-class coverage to include mortgage-backed securities, commodities and exotic derivatives. Incapture Technologies Rapture Hosted system handles a variety of investment functions, including trade incapturetechnologies.com processing, performance analysis and risk management. Walnut Creek, Calif., vendor was founded in 2012 by Peter Knez, who previously was co-chief investment officer at BlackRock. Indus Valley Partners IVP Stratus Cloud-based tool designed to analyze portfolios, track investment ideas and indusvalleypartners.com securely consolidate data from counterparties. Pitched as cost-effective alternative to installed systems. New York vendor, founded in 2000, works with hedge fund firms ranging from $250 million to $45 billion under management. ITG ITG Position Manager Designed specifically for hedge funds, hosted system was introduced in 2014 to itg.com perform trade-order and execution functions, clearing, portfolio management, analytics, research and compliance for a wide range of assets worldwide. New York vendor founded in 1987 with launch of its POSIT equity trade-crossing system. Acquired trading-technology developer MacGregor in 2005. Ledgex Systems Ledgex Portfolio Manager Allows fund managers to monitor complex portfolios for exposure, performance ledgex.com and allocation weights. Includes Ledgex Workbench for running what-if scenarios tied to planned investor and fund activity. Boston firm is an affiliate of Eze Software. Lightkeeper Lightkeeper Software provides users with dynamic views of portfolios based on data from lightkeeper.com administrators, custodians, prime brokers and internal sources. Enables performance, risk, exposure and attribution analysis. System can be accessed on mobile devices. Boston vendor launched in 2008 after founders Danny Dias and Larry Longo sold their Tamale research-management software to Advent. Prior to that, the partners ran a hedge fund firm called 033 Asset Management. Markit Markit WSO Administrator Manages data for portfolios of bank loans, asset-backed securities and other types markit.com of bonds, credit-default swaps, equities and other assets. Performs reporting, compliance, performance-analysis and agent-syndication functions. London vendor founded in 2003 as a credit-derivatives pricing service. In July 2015, acquired Mosaic, a provider of software for post-trade securities processing. Owned by a consortium including Bank of America, Goldman Sachs and J.P. Morgan. Misys Sophis Value So-called straight-through-processing tool designed to handle most front- to back- misys.com office functions. Performs real-time NAV and risk calculations for a variety of asset classes. Recent enhancements include addition of robust investor-book-of-record application. About half the clients for Sophis Value are hedge funds, among them BTG Pactual Asset Management and Dexia Asset Management. London vendor, founded in 1979, acquired Sophis in 2011. The following year, Misys was acquired by private equity firm Vista Equity Partners. Murex MX.3 Includes risk-management, compliance and collateral-management capabilities. www.murex.com Designed for traders across a wide range of asset types. Available in both installed and hosted formats. Paris vendor now focused on expanding the system’s collateral-management capabilities.

HEDGE FUND TECHNOLOGY FRONT OFFICE: Portfolio Management FRONT OFFICE: Portfolio Management Vendor Product The Skinny Novus Novus Designed to help institutional investors analyze risk and performance based on novus.com data from multiple sources. New York vendor founded in 2007 by investors and computer scientists. In 2013, Bain Capital Ventures purchased an undisclosed stake in firm. Numerix Numerix CrossAsset Based on a library of cross-asset models, software performs a range of valuation numerix.com and risk-analysis functions for stocks, bonds, currencies, commodities and other financial instruments. Additional functions are accessible with installation of the Numerix CrossAsset Server. Also available is Numerix Bloomberg, an Excel add-on that prices and manages derivatives and structured products based on Bloomberg data. Another module, Numerix Portfolio, prices and hedges complex portfolios that include structured products and derivatives. Vendor headquartered in New York. Orchestrade Financial Orchestrade Performs a wide range of front- to back-office functions for portfolios of stocks, Systems bonds, options, futures, commodities, currencies and structured products. Modules orchestrade.com include a rank-management tool and a profit-loss blotter. San Mateo, Calif., vendor founded in 2009. Real Time Risk Systems Protozoa Analyzes derivatives positions to show real-time changes in a portfolio’s risk. New realtimerisksystems.com York vendor founded in 2004 by Robert Navin, who previously worked at fund- management firms DKR Oasis Capital and Highbridge Capital. RiskVal Financial Solutions RVFI Fixed Income Solution In January 2015, teamed with Quantitative Brokers, a bond and futures brokerage riskval.com specializing in algorithmic trades, to develop a system that performs real-time, relative-value analytics for fixed-income traders. RiskVal’s cloud-based system facilitates multi-strategy, multi-currency bond trading. New York vendor founded in 2001 by Jordan Hu, whose resume includes work at Citigroup, Goldman Sachs and Salomon Brothers. SunGard Data Systems Asset Arena 360 Marketed to boutique, long-only asset managers, often startups. Performs front- to sungard.com middle-office functions including trade recordkeeping, pre- and post-trade compliance, portfolio rebalancing, real-time profit-loss analysis and risk analytics. Available in installed and hosted versions. Tethys Technology Execta Tethys’ flagship product performs real-time portfolio-management, trade- tethystech.com execution and risk-management functions, and gives users access to all major algorithmic- and program-trading desks, sell-side traders and floor brokers. Supports trading of stocks, equity derivatives, convertible bonds and currencies. Available as an installed or hosted system. New York vendor founded in 2000. thinkFolio thinkFolio Performs portfolio-management, modeling, trade-order management, compliance thinkfolio.com and cash-management functions for fixed-income securities, equities, real estate, commodities, cash and currencies. London vendor founded in 2001.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Data Management MIDDLE OFFICE: Data Management Vendor Product The Skinny ACA NorthPoint Global Securities Master, Securities Master provides a repository for managing data on terms and pricing for acacompliancegroup.com Price Master, most types of securities. Price Master performs pricing calculations and supports Data Warehouse what-if analysis. Data Warehouse consolidates data from multiple systems and service providers onto a central reporting platform. Vendor was called NorthPoint Financial until it was acquired by ACA Compliance in November 2014. Advent Software Tamale RMS Captures, organizes and shares research that managers receive or create. San advent.com Francisco-based Advent, a leading vendor of investment-management technology, was acquired in July 2015 by SS&C Technologies for $2.6 billion. AIM Software GAIN Reference Data Stores, secures and validates data brought in through a firm’s various operations. aimsoftware.com Creates a “golden copy” or “single source of truth” for data derived from all internal and external sources. Austrian vendor founded in 1999. Arcesium Arcesium D.E. Shaw spinoff launched in first quarter of 2015, with Blackstone as a partner. arcesium.com Offers highly automated suite of post-trade services based on technology D.E. Shaw developed for its own hedge funds. Services include trade capture, data warehousing and valuation functions across a range of asset classes. First two clients are D.E. Shaw and Blackstone Alternative Asset Management, with a broader marketing campaign set for late 2015. Has staff of more than 300. Asset Control AC Plus Designed to manage high volumes of data from multiple sources. Cleans and asset-control.com integrates data to ensure consistency of internal and external analysis and reporting. Netherlands company, founded in 1991, among the first data- management vendors to target financial-services industry. Owned by private equity firm Marlin Equity Partners. Axiom Software Dynamic Data Warehouse, Data-warehouse software provides asset managers and other financial institutions Laboratories IntegrationCenter with data-integration and warehousing functions. IntegrationCenter handles such axiomsl.com functions as data transformation, storage, access and delivery, and can be integrated with a variety of front-, middle- and back-office systems. New York vendor founded in 1991. Broadridge Financial Broadridge Analytics Analytics Master performs data-aggregation, reporting and reconciliation functions broadridge.com Master, with aim of centralizing firm-wide management of data from front, middle and Broadridge Security Master, back offices. Security Master and Price Master help integrate internal and external Broadridge Price Master data feeds into a single database for the entire firm to access. Software originally introduced in 2005 by Paladyne, which acquired it from multi-strategy fund shop Alexandra Investment. Broadridge, based in Lake Success, N.Y., acquired Paladyne in 2011 to gain a foothold with hedge funds. Code:Red Code:Red RMS, Code:Red RMS indexes research, models, events, contacts and emails related to coderedinc.com IdeaNet investment opportunities. IdeaNet allows portfolio managers to receive emails from selected brokers, categorize the information by symbol and source, and tie information to specific opportunities. Boston vendor launched 10 years ago. DST Global Solutions Anova Software suite designed to handle a range of middle- and back-office tasks, dstglobalsolutions.com including data management, compliance, investment-book-of-record functions and performance measurement. U.K. vendor founded in 1983. Eagle Investment Systems Eagle ACCESS Cloud-based system performs middle- and back-office functions including eagleinvsys.com accounting, performance measurement, compliance reporting and data management. BNY Mellon unit, founded in 1989, is based in Wellesley, Mass. Exegy Exegy Trading Application Trading Application Platform allows high-speed processing of raw market data exegy.com Platform, feeds on the same servers that host trading applications. Ticker Plant offers even Exegy Ticker Plant, faster connections. Market Data System connects to hundreds of data feeds for Exegy Market Data System markets that trade stocks, options, futures, derivatives, indexes and currencies. St. Louis vendor founded in 2003 by four Washington University faculty members to commercialize data-mining technology they developed.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Data Management MIDDLE OFFICE: Data Management Vendor Product The Skinny GoldenSource 360 EDM Product suite integrates and standardizes data from internal and external sources thegoldensource.com to present “holistic” view of business. New York vendor founded in 1990. Indata iPM Epic Manages giant data sets in any format from internal and external sources. indataweb.com Captures, optimizes, stores, searches, shares, analyzes and offers visualization of the data for front-, middle- and back-office purposes. Greenwich, Conn., vendor has buy-side clients with assets ranging from $1 billion to $100 billion. Indus Valley Partners IVP Recon, Vendor’s trade-reconciliation software, Recon, streamlines data-capture and indusvalleypartners.com IVP Polaris, reporting functions with a high degree of customization. Clients include Pershing IVP Security Master Square Capital. Polaris is a data warehouse that connects to administrators, prime brokers and other counterparties. Security Master stores internal and external data on portfolios containing a variety of assets. Clients of Polaris and Security Master include MSD Capital. New York vendor, founded in 2000, specializes in middle- office technology. Other products include a regulatory-reporting tool called IVP Raptor and IVP Karma, which automates, tracks and reports workflows from portfolio management/risk management to compliance/operations. Isis Financial Systems Investment Data Performs middle- and back-office functions including accounting, real-time data isisfs.com Management management, performance measurement, analytics and reporting. System handles virtually any financial product. Waltham, Mass., vendor founded in 2001. Mackey MackeyRMS Web-based system captures and organizes research from a variety of applications mackeyrms.com and devices to make it available firm-wide in a format that is sortable by ticker symbol, topic, timeline, contact, keywords and more. Boston firm co-founded in 2011 by former hedge fund analyst Chris Mackey. MIK Fund Solutions Data Warehouse Stores performance, risk, transactional and regulatory data about investments on a mikfs.com real-time basis. Integrates that information with users’ accounting and portfolio- management systems. Reference-data-management tool added in March 2015. Vendor, founded in 2006 by software developer Fadi Kaddoura, focuses exclusively on alternative-investment industry. Recently opened offices in Boston and Shanghai. OneMarketData OneTick Vendor’s flagship product stores, retrieves and analyzes real-time and historic tick onetick.com data for any type of asset. Hoboken, N.J., firm founded in 2005. QED Financial Systems QED Investment Performs data-management, portfolio-accounting, reporting and analytics qedfs.com Management System functions for investment managers. Also offers its Business Intelligence product based on the firm’s SmartData technology, which combines data-management and more advanced analytical capabilities. Marlton, N.J., vendor founded in 1987. Wells Fargo RealSTP Real-time operations management dashboard for alternative-investment funds. wellsfargo.com Covers asset classes including equity, fixed income, derivatives, bank debt and currencies. Provides updates on trade, confirmation and settlement status; projected cash settlements by currency and counterparty; and OTC/repo collateral details and status. Vendor is Wells Fargo’s fund-administration unit.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Risk Management MIDDLE OFFICE: Risk Management Vendor Product The Skinny Alpha Theory Alpha Theory Determines “idea quality,” asset quality and position size required to meet users’ alphatheory.com risk-adjusted return requirements. Charlotte vendor founded in 2005 by former Credit Suisse and Lehman Brothers equity research analyst Cameron Hight. ATA RiskStation ATA RiskStation Web-based service provides daily reviews of risk exposures across portfolios. atariskstation.com Available on a monthly subscription basis. Service is powered by Portfolio Science’s RiskAPI system. Dallas vendor founded in 2006. Axiom Software RiskMonitor Software allows users to employ advanced methodologies in calculating market, Laboratories credit and liquidity risk. Covers most asset classes. axiomsl.com Axioma Axioma Risk Customizable software performs risk-modeling and reporting functions for a axioma.com variety of asset classes including stocks, bonds, currencies, commodities and derivatives of those instruments. New York vendor founded in 1998. Broadridge Financial Risk Master Designed to manage, monitor and report on a portfolio’s risk exposures for most broadridge.com credit-related asset classes. Delivered with Numerix Cross Asset Library system. Vendor gained foothold in hedge funds via 2011 acquisition of Paladyne. Rebranded Paladyne products under Broadridge name in 2014. ConceptOne Real Time Portfolio & Risk Provides real-time risk analytics and reporting, including liquidity exposures and conceptonellc.com Management System on-the-fly stress-testing. New York vendor formed via 2011 merger of Risk Resources and Concept Capital Fund Services. Chairman Ken Grant has held top risk-management positions at SAC Capital and Tudor Investment. Delta Hedge Systems OmniHedge Portfolio & Risk Integrates data from internal and external sources on a real-time basis to report on deltahedgesystems.com Management System exposures, profits and losses, liquidity, stress tests and more. Jersey City, N.J., vendor founded in 1999 by Gary Auerbach, who previously oversaw hedge fund practice at MicroModeling Associates, now part of Dell Professional Services. Financial Tracking Excessive Fiduciary Risk Fiduciary Risk product monitors risks at the firm, portfolio and position levels to Technologies Alerts, ensure prudent risk management and adherence to investment policy. Dispersions financial-tracking.com Performance and Holdings tool tracks swings in the value of a portfolio. Counterparty Risk monitors Dispersions, managers’ exposures to counterparties. Portfolio Pumping product tracks trading Counterparty Risk, volume in a particular issuer as a percentage of total daily trade volume. Riverside, Portfolio Pumping Conn., vendor founded in 1999. IBM Algo Risk An application with a web-based option that combines what-if analyses and best- ibm.com hedge recommendations with firm-wide risk-management capabilities. Investor Analytics Investor Analytics System accesses client data by connecting to service providers and produces investoranalytics.com customized risk reports for internal, investor and regulatory purposes. New York vendor founded in 1999. Liquid Holdings LiquidMetrics Cloud-based system performs real-time analysis by continuously monitoring liquidholdings.com market and liquidity risk as well as profits and losses across multiple strategies and fund structures. Includes repository of client reports to address investor transparency requirements. New York vendor, founded in 2012, cited by Aite Group as an up-and-comer in the hedge fund technology field. Login Login-Acumen Software performs real-time market-risk, credit-risk, liquidity-risk and settlement- www.login-sa.com risk management tasks for most asset classes. French vendor, founded in 1988, works in partnership with Oracle Financial Services Software. Misys iSophis Web-based service allows buy-side firms to upload daily transactions, download misys.com portfolio and risk-management reports and produce customized reports. London vendor, founded in 1979, acquired Sophis in 2011. The following year, Misys was acquired by private equity firm Vista Equity Partners.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Risk Management MIDDLE OFFICE: Risk Management Vendor Product The Skinny MSCI RiskMetrics RiskManager, Both systems identify, measure and manage risk associated with wide range of msci.com BarraOne financial instruments by applying value-at-risk methodologies and stress testing. They perform what-if analyses and other functions to help rebalance or hedge a portfolio. Publicly traded vendor, best known for its international stock indexes, entered risk-management arena via 2010 acquisition of RiskMetrics, whose model originally was developed by J.P. Morgan. Murex MX Risk Manager System for managing credit risk, market risk and liquidity risk. Paris vendor, www.murex.com founded in 1986, caters mainly to banks and broker-dealers, but also markets portfolio-management technology to buy-side firms including hedge funds. NewOak Capital OpenRisk Assesses cash-flow risks of mortgage bonds and other structured products. Part of newoak.com a suite that includes a market-data interface and a tool that monitors servicers. New York firm founded in 2008 by Ron D’Vari, formerly head of structured finance at BlackRock. NewOak also has advisory and asset-management units. Novus Novus Risk Equalizer Performs factor and scenario analysis, stress tests and complex value-at-risk novus.com calculations. Vendor offers separate tool for performance attribution. Founded in 2007, firm counts nearly 100 clients globally with a combined $2 trillion of assets. Ortess Xcellerate Algo Designed to help manage risk and decision-making for asset managers that ortess.com specialize in algorithmic trading of foreign-exchange instruments. Ortess also offers Xcellerate Deal Runner, which handles risk management and trade capture for mortgage bonds. New York vendor founded in 2007. Patsystems System and Risk Designed to perform pre-trade and risk-management tasks for exchange-traded patsystems.com Administration derivatives. Patsystems also offers two different trading applications: Pro-Mark and J-Trader. London vendor founded in 1994. Portfolio Science RiskAPI Can be used remotely to perform such functions as value-at-risk analysis and portfolioscience.com stress testing for equities, equity options, futures, futures options, currencies and fixed-income securities. New York firm founded in 2000. S&P Capital IQ Portfolio Solution Analytics software performs real-time calculations for portfolios containing capitaliq.com multiple asset types. Vendor founded in 2010 when parent McGraw-Hill folded its Capital IQ subsidiary into its S&P unit. SAS High-Performance Risk Capable of analyzing credit, market, liquidity and regulatory risk on near-real-time sas.com basis. Designed to perform complex calculations quickly and store large volume of results. Vendor, based in Cary, N.C., is among largest developers of business software. Clients include Larch Lane. Sky Road Motion Services Platform Software and hardware offering allows users to monitor electronic derivatives skyroad.com markets, access market data, perform risk analysis and publish risk reports for investors. Clients include Napier Park Global Capital. Downers Grove, Ill., vendor formed in 2005 when Ritchie Capital spun off its information-technology unit. Led by former Ritchie executive John Borse. StatPro StatPro Revolution Web-based system analyzes performance and risk for hedge fund operators and statpro.com other managers of portfolios containing stocks and bonds. Reports can be shared with investors over the web. Publicly traded London vendor was founded in 1994. Clients include J2 Capital and Viniculum Fund Management. SunGard APT System for risk analysis and reporting, covering position- and portfolio-level sungard.com information for multiple asset types. Vendor, based in Wayne, Pa., among largest financial software and technology companies.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Risk Management MIDDLE OFFICE: Risk Management Vendor Product The Skinny TFG Financial Systems TFG Complete Conducts value-at-risk analysis and stress testing across a variety of asset tfgsystems.com classes. In October 2014, London firm acquired Charlotte-based Risk Technology Solutions, a vendor of risk-management technology geared toward commodities, foreign-exchange and interest-rate products. Traiana CreditLink Connects prime brokers, execution brokers and buy-side firms to provide a central traiana.com repository for real-time monitoring of over-the-counter foreign exchange and exchange-traded derivatives. New York-based vendor is a unit of inter-dealer broker ICAP, which in 2013 sold a minority stake to seven bulge-bracket brokerages that are heavy users of Traiana’s services. MIDDLE OFFICE: Cash and Collateral Management MIDDLE OFFICE: Cash and Collateral Management Vendor Product The Skinny Enso Financial Enso Specializes in processing and analyzing data to facilitate collateral management, efmactive.com portfolio financing and management of counterparty risk. New York firm services more than $250 billion of assets managed by hedge funds globally. Founded by former prime-brokerage professionals Dwaine Alleyne, Matthew Bernard and Michael Gentile. In 2013, inter-dealer broker ICAP took minority stake in business. HazelTree Treasury Treasury Management Hosted technology supports cash-balance analysis, long/short financing, margin Management Solution reporting, management of over-the-counter collateral, counterparty risk reporting, hazeltree.com reconciliation for cash-management purposes, expense processing and wire authorization and approval. New York vendor formed in 2009 when Trafelet Capital spun off its back-office operations. Clients include UBS Fund Services. Indus Valley Partners IVP Treasury Helps managers monitor margin lending, stock lending, collateral and cash indusvalleypartners.com positions. Includes “PB uplift” function that quantifies potential benefits of switching prime brokers. Ledgex Systems Ledgex Liquidity Performs advanced liquidity-modeling and reporting functions. Boston-based ledgex.com vendor, founded in 2008, markets a variety of portfolio-management and accounting software to funds of funds, other alternative-investment operations and institutional investors. Lombard Risk Colline Software handles collateral management and clearing functions for the exchange- lombardrisk.com traded-funds, repo and securities-lending arenas. London vendor offers other products that perform compliance and risk-management tasks. Murex MX Collateral Manager Performs treasury, collateral-management and margin-trading functions for www.murex.com stocks, bonds, derivatives, repos, securities lending, exchange-traded funds and options. Sold alone or as part of a portfolio-management system. Paris vendor is among leading suppliers of front- and middle-office technology to banks, broker- dealers and buy-side managers. Omgeo Omgeo ProtoColl System for collateral management of transactions involving over-the-counter omgeo.com derivatives, repos, securities lending and foreign exchange. Features margin-call management functions. Boston vendor, a unit of Depository Trust & Clearing, is leader among firms specializing in post-trade activities. S3 Partners S3 Blacklight Helps analyze and manage prime-brokerage, custody and swap-counterparty s3blacklight.net relationships. Software developed by S3 Partners, which specializes in advising fund managers on financing, collateral management and counterparty risk. New York firm, founded in 2003, led by Bob Sloan, previously global head of prime services at Credit Suisse. SunGard Apex Collateral SunGard launched product in 2012 to help banks, broker-dealers and asset sungard.com managers optimize use of collateral assets. Features include a consolidated view of those assets across products, asset classes and geographies, and algorithms designed to minimize the cost of collateral and maximize returns.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Securities Pricing and NAV Calculation MIDDLE OFFICE: Securities Pricing and NAV Calculation Vendor Product The Skinny AIM Software GAIN Portfolio Pricing Monitors and validates pricing information and rates, reporting suspicious aimsoftware.com information before it can pose risks or lead to operational problems. Austrian vendor founded in 1999. Financial Tracking Price/Valuation of Holdings, Price/Valuation tool alerts users when a security has a stale price or becomes Technologies Valuation Testing illiquid. Valuation Testing monitors the sale price of a security vs. prior-day level, financial-tracking.com and sends alert if the difference is outside client-determined boundaries. FinancialCAD FINCAD Analytics Suite, Analytics Suite provides access to a financial-analytics library, giving users the fincad.com F3 ability to value and price derivatives and fixed-income securities, measure counterparty risk, perform stress tests, calculate value at risk and mark positions and entire portfolios to market. F3 allows users to value structures and payoffs of derivatives. Canadian vendor founded in 1990. ION Trading ION Pricing Engine Provides pricing coverage for bonds, futures, options and mortgages. Furnishes iontrading.com users with basis-spread, yield-spread, asset-swap, option-adjusted-spread, interpolated-yield-spread and discount-margin pricing models. London vendor, founded in 1998, acquired Financial Software Systems of Horsham, Pa., in 2013. Linedata Navquest Performs real-time NAV calculations for portfolios of complex financial linedata.com instruments. Developed in partnership with several large hedge fund operators. French vendor, founded in 1998, also offers suite of front-office technology. Milestone Group pControl NAV Oversight Designed to verify portfolio valuations performed by third-party administrators. milestonegroup.com.au Draws on multiple methodologies to compute NAVs. Vendor, founded in 1998, targets private-fund operators. SunGard FX TCA Software-as-a-service tool designed to help currency traders calculate and analyze sungard.com their transaction costs. Among the newer products in SunGard’s catalogue, FX TCA was introduced in December 2014.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Investor Relations MIDDLE OFFICE: Investor Relations Vendor Product The Skinny Backstop Solutions Backstop Solutions Software suite designed to manage investor relations, research, accounting and backstopsolutions.com investor reporting. Offerings include Backstop CMS (formerly PerTrac CMS), a web- based customer-relationship management tool for asset managers. Chicago vendor, founded in 2003, acquired PerTrac technology in 2013 and Cogency Software in May 2015. Harvest Harvest Exchange, Harvest Exchange is a free online network where investors and professional money hvst.com Harvest Private managers can exchange research and ideas. It has picked up 85,000 users since launching in December 2013. Harvest Private is an investor-relations tool marketed to hedge funds and other asset managers. It offers a secure Web-based platform through which managers can communicate with existing and prospective investors. Harvest Private counts about 50 fee-paying clients, including a number of large fund operators. The Houston vendor, founded in 2012, is backed by hedge funds including Arrowgrass Capital, GoldenTree Asset Management and Third Point. Imagineer Technology Group Clienteer Investor Relations Clienteer is highly configurable software developed specifically for hedge funds itgny.com CRM, and other asset managers to automate key capital-raising, investor-relations, WebVision Online Investor reporting and document-management functions. WebVision allows managers to Reporting communicate with clients via a secure web portal. New York vendor founded in 1998. Ledgex Systems Ledgex CRM Rolled out stand-alone application in March 2015. Web-based tool automates work ledgex.com associated with investor relations, sales, marketing and client-service teams at funds of funds, family offices, hedge funds and other asset managers. ProTrak International ProTrak Advantage CRM Software enables users to view all aspects of investor accounts, keep track of protrak.com fund-raising prospects and produce reports on client activity. New York vendor founded in 1986. SimCorp Coric Client Software assists asset managers with client communications and reporting. Coric simcorp.com Communications Web Reporter allows clients to access reports online. Copenhagen company founded in 1971. In 2014, SimCorp acquired Equipos, a Boston firm that developed the Coric products.

HEDGE FUND TECHNOLOGY MIDDLE OFFICE: Trade Reconciliation and Processing MIDDLE OFFICE: Trade Reconciliation and Processing Vendor Product The Skinny Electra Information Systems ACTioN, ACTioN gathers information from portfolio systems, reformats it based on industry electrainfo.com StaARS, standards, then sends it to brokers, custodians and others. StaARS reconciles RecCollect trade positions as often as daily for a range of security types. It also links transactions and positions. RecCollect automates post-trade processing by collecting data on securities, cash positions and transactions from custodians and brokers and putting it in a standard format. New York vendor founded in 1998. Fiserv TradeFlow Manages post-trade process, monitoring and measuring the flow of securities and fiserv.com cash transactions for entire firm. Thirty-year-old financial-technology giant, based in Brookfield, Wis., was formed via merger of First Data Processing and Sunshine State Systems. ION Trading ION.NET Allows traders of cash, futures, swaps and repo products to operate in multiple iontrading.com dealer-to-dealer and dealer-to-customer markets. System includes the following tools: Auto-Hedger, which automatically submits hedges to a specified market on receipt of a trade confirmation; Quote Editor, which can be used to switch quotes on or off, edit quotes and apply skew factors to quotes; Virtual Market, which allows users to view the aggregated order books of securities traded on any market that is integrated with ION’s MarketView network. London vendor’s trade- financing tool, Anvil, helps automate repo and other financing functions. Omgeo Omgeo Central Trade Trade Manager automates post-trade process by matching trades of stocks, bonds omgeo.com Manager, and exchange-traded derivatives. Omgeo Alert is a web-based system that enables Omgeo Alert, investment managers, brokers and custodians to share accurate account Omgeo OASYS information and standing settlement instructions. OASYS communicates U.S. trade- allocation details between investment managers and brokers. SS&C Technologies Debt & Derivatives Handles processing and general-ledger accounting for trades of debt products and ssctech.com derivatives including interest-rate swaps, swaptions, credit-default swaps, total- return swaps, foreign-exchange options, equity swaps and equity-index options. Publicly traded vendor, based in Windsor, Conn., acquired Advent Software in July 2015 for $2.6 billion. Traiana ClientLink Offers connections to brokers and exchanges to automate post-trade allocations traiana.com and confirmations for stocks, derivatives and foreign exchange. Watson Wheatley Financial i-Recs Software and client-server database match positions and balance trades and Systems cashflows for a wide range of financial instruments. Also handles margin-account www.watsonwheatley.com reconciliation for listed and over-the-counter derivatives. Reconciles profit-loss statements with those of external service providers. U.K. vendor founded in 2007.

HEDGE FUND TECHNOLOGY BACK OFFICE: Accounting BACK OFFICE: Accounting Vendor Product The Skinny Advent Software Geneva World Investor Designed specifically for investor partnerships that need to allocate profits, losses advent.com expenses and tax obligations among multiple investors. Can be configured for a range of fund structures, including onshore and offshore vehicles and private equity funds. In July 2015, Advent was acquired by SS&C Technologies in a $2.6 billion deal that created a financial-technology powerhouse serving more than 10,000 clients. Cogency Software Investor and Fund General ledger system designed for multi-manager funds. Performs variety of cogencysoft.com Accounting accounting and reporting functions involving complex fund and fee structures, including onshore/offshore arrangements. Created as Manage.com in 1997 and recast as Cogency in 2002. Vendor acquired by Chicago-based Backstop Solutions in May 2015. DST Global Solutions HiPortfolio Handles a range of investment-accounting and asset-servicing functions for users dstglobalsolutions.com that trade equities, fixed-income securities, money-market instruments, currencies, futures, options, over-the-counter derivatives and index-linked securities. U.K. vendor founded in 1983. Fiserv Global Investment Manager Performs portfolio-accounting and performance-measurement functions for trades fiserv.com involving equities, ETFs, fixed-income products, currencies, illiquid assets and synthetic holdings. Vendor formed in early 1980s via merger of First Data Processing of Milwaukee and Sunshine State Systems of Tampa. Ingenious Initiatives Penny-IT Works Designed specifically for hedge fund managers and fund administrators. System pennyitworks.com combines full range of fund, investor and partnership accounting functions. Can handle complex master-feeder structures and complicated fee arrangements. Recently upgraded to cover compliance reporting. Average subscription fee for hedge funds: about $1,000 a month. Mount Kisco, N.Y., vendor founded in 2004 by Ron Kashden, who once headed software development at SAC Capital. Linedata Linedata Chorus, Chorus is a hosted accounting system primarily for long-only portfolios. Icon is a linedata.com Linedata Icon, fund-accounting and administration system that adheres to generally accepted Linedata Mfact accounting principles within multiple jurisdictions. Mfact provides a range of portfolio-accounting capabilities. Suited for funds with complex structures that invest across multiple asset classes. French vendor founded in 1998. Liquid Holdings LiquidView Cloud-based “shadow” accounting system allows managers to reconcile cash and liquidholdings.com trade positions with prime brokers and administrators. Also generates profit-loss and NAV reports. Publicly traded company based in New York specializes in developing web-based technology for hedge funds. MultiFonds MultiFonds Based on Oracle technology, software performs accounting functions for a wide www.multifonds.com variety of fund structures and handles real-time recordkeeping and cashflow forecasting. Product is used by clients in 30 regulatory jurisdictions. Luxembourg vendor, founded in 1995, is unit of IGEFI Group.

HEDGE FUND TECHNOLOGY BACK OFFICE: Accounting BACK OFFICE: Accounting Vendor Product The Skinny PortfolioShop ReconAdvantage Performs reconciliation, reporting, cost-basis tracking and other accounting portfolioshop.com functions, in addition to performance analysis and risk management. Syosset, N.Y., company was previously known as Ajay Financial. Princeton Financial Systems PAM for Investments Software performs accounting functions for equities, fixed-income securities, pfs.com derivatives, structured products, options, futures and other assets. Includes a regulatory-reporting feature. Vendor is a unit of State Street. SS&C Technologies AdvisorWare, AdvisorWare designed for hedge funds, funds of funds and private equity funds. ssctech.com AdvisorWare Enterprise, Enterprise version allows an entire firm to share securities, pricing, currency and Total Return risk-management data. Total Return performs portfolio-management, investment- accounting, partnership-accounting and general-ledger functions for family offices, hedge funds, funds of funds and private equity funds. Publicly traded vendor, which bought Advent for $2.6 billion in July 2015, also has built top-tier fund- administration business via acquisitions including 2012 purchase of GlobeOp. SunGard VPM, VPM stores data including cost basis and other tax-relevant details for stocks, sungard.com Investran bonds, futures, bank debt, repos and swaps. Investran designed more for funds of funds and family offices than single-manager hedge funds. Analyzes investments, facilitates due diligence and automates reporting by serving as book of record. Wayne, Pa., vendor, formed via spin-off from Sun Oil in 1983, is among largest software and technology companies. Acquired by Silver Lake Partners-led consortium in 2005 for $11.4 billion. TPG Software TPG Trader Accounting software coordinates with the fixed-income trading, risk-management tpgsoftware.com and operations activities of financial institutions. TPG Software also offers Portfolio Genius System, Derivative Genius System and Safekeeping Genius System, all on a subscription basis. Houston vendor founded in 1991.

HEDGE FUND TECHNOLOGY BACK OFFICE: Compliance and Reporting BACK OFFICE: Compliance and Reporting Vendor Product The Skinny ACA Compliance Group ACA Personal Trading Helps ensure compliance with codes of ethics and meet requests of SEC acacompliancegroup.com Compliance (ACA-PTC) examiners. Functions include pre-clearing of trades, flagging conflicts of interest and certifying transactions. Vendor, founded in 2002, caters to asset managers in the U.S., Brazil, Europe, and Asia. Acquired NorthPoint Financial in November 2014, adding suite of investment-management technology products. ACA NorthPoint ACA NorthPoint RIR Developed by NorthPoint Financial before it was acquired by ACA in November acacompliancegroup.com 2014, RIR assists with reports to regulators and investors. It is now offered in combination with ACA’s compliance-consulting service. Enables automated filings of Forms PF, 13F, 13D/G, CPO-PQR and AIFMD’s Annex IV, among others. Advise Technologies Vault DMS, Vault DMS handles a variety of fund-management compliance tasks, such as advisetechnologies.com Consensus RMS managing a calendar of contract expirations and renewals; organizing reporting requirements; and compiling documents for regulatory exams. Consensus RMS helps prepare various regulatory filings, including Form PF. New York vendor founded in 2010 by former Trafelet Capital chief operating officer Doug Schwenk. Axiom Software ControllerView Designed to meet reporting requirements for regulatory agencies worldwide. Also Laboratories helps in preparation of management reports and allows for electronic filing. axiomsl.com Operates on various systems including Linux, Unix and Windows. New York vendor founded in 1991. Bloomberg Bloomberg Compliance Single dashboard supports administration, monitoring, search and retention bloomberg.com Center capabilities. In December 2013, Bloomberg said it would consolidate its communications-related compliance tools into this product. Bloomberg users can find information by typing CMPC . Catelas eComms Surveillance Suite Uses patented algorithms to monitor employee communications and trading catelas.com activity for compliance breaches, including insider trading and market manipulation. Woburn, Mass., company founded in 2007. Charles River Systems Charles River Compliance Automates compliance rule-building, testing and maintenance, as well as crd.com customized reports and audit histories. Burlington, Mass., vendor markets variety of investment-management technology, with 350-plus clients in 43 countries. Citicom Solutions Citicom Assure Designed to keep managers in compliance with Dodd-Frank record-keeping citicomsolutions.com requirements. Allows users to monitor phone calls, emails and instant messages that employees send and receive from their mobile devices and computers. Can help reconstruct employees’ activities in response to regulators’ inquiries. Product aimed at a variety of financial-services firms, including hedge fund managers on the lookout for insider trading. London vendor founded in 2013. Compliance Science Personal Trading Control Personal Trading product is a web-based application that allows compliance complysci.com Center, officers to monitor personal-trading activities of employees to ensure they’re C-TRAC, adhering to ethics codes. C-TRAC captures all of a firm’s obligations that come CSI DocVault with each client and counterparty agreement, and helps assure that those obligations are met. DocVault helps hedge funds, other investment advisors and brokers respond efficiently to regulatory exams. Can search text in a variety of formats, including PDFs and TIFs. In January 2014, New York vendor sold minority stake to venture capital firm Edison Ventures for $8.2 million. ConceptOne RegERM Regulatory-reporting program automates filing of Form PF, Form 13-F, CPO-PQR, conceptonellc.com AIFMD reports and other disclosure forms. Aggregates data from prime brokers and other trading partners. New York vendor founded in 2011.

HEDGE FUND TECHNOLOGY BACK OFFICE: Compliance and Reporting BACK OFFICE: Compliance and Reporting Vendor Product The Skinny Confluence Unity NXT Form PF Culls data from trading systems to automatically complete Form PF. Pittsburgh confluence.com Reporting vendor, founded in 1993, is a pioneer in fund-administration technology. It offers similar products to handle CPO-PQR and AIFMD reporting requirements. Cordium Compliance Elf, Compliance Elf allows financial institutions to build intranet system that monitors cordium.com ComplianceTrak employees’ personal trading, gift giving and political contributions. ComplianceTrak helps fund managers and brokers meet regulatory requirements of the CFTC, Finra, SEC and U.K.’s Financial Conduct Authority using a calendar that automatically emails reminders of upcoming compliance deadlines. New York vendor formed in 2013 via merger of EvenWheel Solutions and an entity combining IMS Group and HedgeOp. Crowdentials Crowdfunding Compliance Designed to ensure that funds marketed under Title 2 and Title 3 of the JOBS Act crowdentials.com accept capital only from accredited investors. Cleveland vendor launched in 2013 with backing from business incubator FlashStart. DataArt Form PF Application Automates filing of Form PF. Offered free-of-charge by the New York vendor, which dataart.com develops software for various industries. Offers similar application to help managers meet new European Union reporting requirements. DataArt partnered with OpsCheck in March 2015 to launch a Web-based task-management tool. Decryptex Financial Decryptex Uses binary-large-object (BLOB) technology to process large amounts of internal Laboratories and external data for signs of illegal or unethical behavior by a firm’s employees. decryptex.com New York vendor led by management team whose members have spent time at Moore Capital, Morgan Stanley and Nomura. Digital Reasoning Synthesys Software employs advanced machine-learning algorithms to monitor a manager’s digitalreasoning.com communications for signs of illegal trading, money laundering, fraud and other compliance breaches. System is designed to accelerate initial detection and reduce the costs of subsequent investigations. Nashville vendor founded in 2000. Electra Information Systems EFM Suite Reporting applications help fund operators and other asset managers deliver electrainfo.com results to prime brokers. Suite includes web-based FailSafe system that displays pending trades, trades at risk of failing and failed trades. New York firm founded in 1998. Eze Software Eze Compliance Free-standing version of compliance application that comes bundled with Eze’s ezesoft.com market-leading order-management system. Boston-based vendor, formerly known as Eze Castle, acquired by private equity giant TPG in 2013 from Convergex. Fidessa Sentinel Performs pre- and post-trade compliance management using a real-time engine fidessa.com that keeps current with new and pending regulations. Clients include AQR Capital. U.K. vendor, founded in 1981, also markets order-management and portfolio- management systems. Financial Tracking Compliance Control Room Software suite performs more than 20 compliance functions, from flagging suspect Technologies trades and guarding against client favoritism to tracking personal trading and financial-tracking.com campaign donations by employees. Vendor, based in Riverside, Conn., founded in 1999. In 2013, U.S. Patent and Trademark Office awarded software patents to founder Anthony Turner. Global Relay Global Relay Archive & Web-based system archives electronic messages and enables management to globalrelay.com Compliance Reviewer, monitor email on a company-wide basis. Instant-messaging system designed to Global Relay Messenger comply with SEC and NASD requirements. Vancouver vendor founded in 1999. Gordian Compliance Gordian Portal Designed to help investment firms and brokers meet SEC and Finra regulatory Solutions requirements. Handles such functions as recordkeeping, monitoring of employee gordiancompliance.com activities and listing compliance tasks. Vendor based in San Francisco. Indus Valley Partners IVP Raptor Allows funds to automatically file Form PF and many other disclosures required by indusvalleypartners.com regulators in the U.S. and Europe. Product has 30-plus clients, including Michael Dell’s MSD Capital. New York firm, founded in 2000, specializes in technology for hedge fund operations.

HEDGE FUND TECHNOLOGY BACK OFFICE: Compliance and Reporting BACK OFFICE: Compliance and Reporting Vendor Product The Skinny ION Trading Rolfe & Nolan product suite Performs reporting functions and other back-office tasks for exchange-traded iontrading.com derivatives. Technology was developed by Rolfe & Nolan, which was acquired by ION in 2008. London vendor founded in 1998. ITG ITG Compliance Manages portfolio-compliance activity worldwide for all security types. Conducts itg.com pre-trade and real-time post-trade checks and determines compliance status at the end of the trading day. New York company founded in 1987. Linedata Disclosure Manager In October 2014, French vendor rolled out automated compliance system that linedata.com monitors and detects disclosures related to the holdings of fund managers. The service is based on legal information from Derivative Services, an affiliate of law firm Allen & Overy. Misys Misys Regulatory Reporting Software-as-a-service offering automates reporting of derivative transactions as misys.com Service required by financial-crisis reforms implemented in the U.S. and Europe. Originally designed to handle European transactions, Misys added connectivity to DTCC in January 2015 to accommodate U.S.-focused managers. Counts more than 30 clients for its regulatory-reporting tool. London firm, founded in 1979, was acquired by private equity firm Vista Equity Partners in 2012. Mosaic Research Research Compliance Software allows investment firms to capture records of all research meetings and Management Monitor to track research usage. Vendor, founded on 2010, mainly focuses on hedge funds. mosaicrm.com National Regulatory Service ComplianceGuardian, ComplianceGuardian offers soup-to-nuts automation of functions including nrs-inc.com Blue Sky Solution System regulatory filings and development of compliance polices and procedures. Blue Sky streamlines securities-filing and compliance-monitoring process. Lakeville, Conn., vendor is a unit of Reed Elsevier’s Accuity division. Orical Compliance Software for Automates compliance management and adherence to code-of-ethics rules. orical.org Registered Investment Offered at no additional charge to the law firm’s compliance-consulting clients. Advisors Orical led by former Marathon Asset Management executives Gregory Florio and James Leahy, along with former Investcorp executive Michael Scally. Pico Trading Regulatory Reporting Accommodates electronic-trading operations that generate huge volumes of data. picotrading.com Regulatory-reporting tool can handle 1 billion messages a day. New York vendor, founded in 2009, led by Jarrod Yuster, who once oversaw electronic trading at Merrill Lynch. RedOwl Analytics Reveal Software bolsters clients’ compliance efforts by monitoring “insider risk.” Uses redowlanalytics.com pattern recognition and machine learning to sift reams of communications and transaction data with aim of flagging potentially risky staff behavior. Baltimore vendor founded by Guy Filippelli, who holds degrees in economics and philosophy from West Point and Oxford and earned a Bronze Star in Afghanistan. In March 2015, Blackstone took an unspecified equity stake in RedOwl. StatPro StatPro Revolution Allows managers to easily share portfolio- and risk-analysis results with clients statpro.com and service providers. Cloud-based system is frequently updated with new analytic tools. Most recent update, in February 2015, was 62nd version. London vendor founded in 1994. Traiana TR Connect Software allows investment-management firms to report on a timely, consistent traiana.com basis to swap-data and trade repositories in a way that complies with CFTC regulations as well as European Market Infrastructure Regulation. New York vendor is unit of inter-dealer broker ICAP. Vermilion Software Vermilion Reporting Suite Browser-based system designed to perform client-communication functions in vermilionsoftware.com ways that meet compliance and branding needs. Can synchronize with customer- relationship management systems. In September 2014, London vendor partnered with Ortec Finance to integrate that firm’s performance-attribution technology into its Reporting Suite.

HEDGE FUND TECHNOLOGY BACK OFFICE: Administration BACK OFFICE: Administration Vendor Product The Skinny Electra Information Systems Quantum Installed or hosted system calculates management and performance fees for electrainfo.com hedge funds and other investment managers and automates fee-billing process. Fiserv Advantage Fee Performs billing, invoicing and revenue management for institutions with complex, fiserv.com changing fee structures. Koger New-Generation Transfer Handles investor-registration, cash-management, trade-processing, fee- kogerusa.com Agency System (NTAS) processing, compliance and reporting functions. Twenty-year-old vendor based in Paramus, N.J. Wall Street Systems Wallstreet Suite Performs range of administration and accounting functions, as well as modeling, wallstreetsystems.com compliance, performance-attribution and risk-management tasks. New York firm controlled by private equity firm Warburg Pincus.

HEDGE FUND TECHNOLOGY BACK OFFICE: IT Security and Support BACK OFFICE: IT Security and Support Vendor Product The Skinny 2Secure Data Leak Assessment Scans computer systems for vulnerabilities to data breaches, ensuring employee 2secure.biz work stations are secure. Firm is led by cyber security veteran Yigal Behar. Abacus Group FLEXDrive, Cloud-based FLEXDrive allows fund professionals to share encrypted files of any abacusgroupllc.com StorageBurst, size and type using a variety of devices. StorageBurst provides on-demand access Abacus Cloud Panel to large amounts of data stored off-site. In November 2014, company rolled out Cloud Panel, a web-based service designed to help hedge funds and private equity funds manage email to increase transparency and cut costs. Vendor founded in 2008 by Chris Grandi and other former Eze Software executives. EzeCastle Integration Eze Private Cloud Cloud-based infrastructure supports full range of data-management functions. eci.com Boston vendor is a pioneer in developing web-based technology for hedge fund managers, having launched industry’s first cloud-computing system for a large New York manager in 2005. Eze Private Cloud went live in 2009. EzeCastle counts hundreds of alternative-investment clients. FSMLabs Timekeeper System maintains sub-microsecond synchronization of transaction times for fsmlabs.com networks of traders. Meets time-stamp rules of the SEC, NASD and U.K.’s Financial Conduct Authority. Vendor based in Austin. Gravitas Freedom Platform Turnkey Designed for small and mid-size fund operators, cloud-based system supports a gravitas.co Cloud range of data-storage and reporting functions. New York vendor, founded in 1996, also offers risk-management and data-security technology. Hired Omar McKenzie in early 2015 as chief information security officer to oversee cybersecurity efforts. InfoHedge Technologies InfoHedge Hosted Platform Hosts gamut of information-technology functions and applications on a private infohedge.net cloud, with built-in compliance and disaster-recovery features. Developed for hedge funds, family offices and broker-dealers, with 85% of InfoHedge’s 320 clients being fund operators. New York vendor founded in 2005. Tribeca Technology Virtual Disaster Recovery Cloud-based tool copies data from managers’ servers and makes it available in the www.tribeca-it.com event of system failures. London firm markets technology-support services specifically to hedge funds, with clients in Asia, Europe and the U.S.

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