Custom House Is First Customer For Pacific Fund System’s PFS-Paxus

DUBLIN--Custom House Administration and Corporate Services announced that it is transferring its entire client list onto PFS-Paxus. Pacific Fund Systems designed the hedge fund administration software system to provide easily updated net asset value (NAV) figures, fund statements and fee calculations. Having been closely involved in the design, development and real-time testing of PFS-Paxus for almost two years, the Dublin-based fund administration company is the first registered user of the system.

Pacific Fund System designed the system to address the alternative asset investor’s particular needs. "Touch-of-button" NAV calculations bring the speed that any software user now demands. The single database incorporates securities valuations, administration fees, management fees, incentive fees and shareholder registration to accomplish these calculations in one place. PFS-Paxus supports "series of shares and consolidation" and "equalization" methodologies for the equitable allocation of incentive fees, an area unique to alternative asset investments. The integration also reduces a considerable risk concern--namely, the error factors created when data is manually transferred from one system to another. PFS also provided the capability to electronically import information from service providers and export processed information.

Everyone wants flexibility, and PFS-Paxus provides it, down to customizable client reporting. The system handles multi-currency transactions with an automated revalution feature. The securities module supports FIFO, average costing and specific inventory methods, and it can handle short sales. Again showing the state of user demands today, PFS plans to make available Internet access to authorized external users to provide full transparency.

Custom House chairman Dermot Butler and director of Pacific Fund Systems James Eldershaw will be presenting the system to Custom House’s clients and other interested parties at the seventh International Conference of Hedge Fund Investments, Sept. 24-27, at the Fairmont Princess Hotel, Southampton, Bermuda. The author regrets that he will not be attending.