Transaction technology developer Comada has partnered with hedge fund administrator Custom House to launch a platform for fund managers and their investors.

The platform allows investors in hedge funds administered by Custom House to invest, track and receive investment and redemption confirmations electronically.

It achieves this via browser-based architecture that precludes the need to download software to a desktop computer, integrating with and extending in-house legacy technology.

"The hedge fund industry has needed an application like this for some time now," says Rupert Vaughan Williams, co-founder of Comada. "We are delighted to be working with Custom House who are committed to best of breed technology. This platform significantly raises the bar for hedge fund investing. Users of this technology can now rely on robust infrastructure that electronically processes and reconciles transactions from a single reference point. It is specifically designed to minimise the operational risks of the day to day management of portfolios of alternative investments."

Dermot Butler, chairman of Custom House, adds: "We wanted to deliver a service to our customers which they could rely on. It is now possible for both managers and investors to track the progress of investments and redemptions electronically, real time, 24 hours a day. Thanks to our partnership with Comada, we believe we are the first hedge fund administrator to be able to offer this particular kind of service."