Saratoga Prime is the latest of several recent mini-prime client wins for Nirvana Solutions.

"We are delighted to work with Saratoga Prime to offer its hedge fund clients our real-time portfolio management system, Nirvana," says Steve Lewczyk, partner and co-founder at Nirvana Solutions (pictured).  

"The dislocation of the market and its impact on hedge funds has led to a complete structural overhaul of our industry. This is particularly true for prime brokerage where the leading primes have retreated from the sub-billion dollar prime services segment. The mini-primes are now rushing to fill this services vacuum. Interestingly, at the same time, we are also seeing that hedge funds' requirements have become much more demanding. Real-time portfolio management systems that can offer execution-by-execution views of critical data such as P&L and risk in a multi-prime and outsourced environment are now considered a pre-requisite. Saratoga Prime has put themselves very much at the forefront of these trends."

Lance Baraker, managing director of Saratoga Prime Services, adds: "The downfall of many financial services firms in 2008 has permanently altered the landscape of the prime brokerage industry. No longer can a USD500m hedge fund be primed with a single custodian. Teaming up with Nirvana has allowed Saratoga Prime to offer real-time reporting that is fully integrated with our tri-custodian model to offer a multi-asset, multi-currency and multi-exchange solution."

Nirvana is the hedge fund industry's first portfolio management system built around the Financial Information Exchange protocol. The ability to accept FIX messages, combined with the aggregation of multi-prime data, ensures real-time views of critical measures such as P&L and risk.