Hedge Fund Case Study
Bandwidth Boosted - Total Cost Reduced
We deployed Prime OEMS to this large, Hong Kong-based long-short fund. The client needed a wide range of OMS and pre-trade risk/compliance capabilities. Their trading desk also had specialized workflow needs. Ironfly delivered.
Full OEMS Displacement: Out With The Old (and Overpriced)
The client was a large, Hong Kong-based long-short fund. As it grew in product/asset class and market scope its workflow and operational needs expanded. The high cost and limitations of their existing vendor became apparent.
Ironfly was asked to perform a full OEMS displacement of the other platform. And the client saw the move as an opportunity to introduce new workflow efficiencies as well.
The migration from the other platform had to accomodate all existing business requirements, but also introduce new features and functionality the client needed.
This included a wide range of OMS and pre-trade risk/compliance capabilities as well as numerous external system integrations, for pre- and post-trade operations. They also had specialized needs related to their trading and execution management (EMS) workflow (compliance, permissioning, proprietary data integration, locate and inventory mgmt, etc).
Team members started realizing benefits from the day we deployed Ironfly Prime. These include a PM, analysts, traders, risk and compliance officers. They all have dependencies on or make daily use of the Ironfly system.
The Problem (and Opportunity)
Growth & Performance Gains Realized
When the migration began the client had nearly 30 broker relationships, for both high and low touch, and algo routing of global equities and derivatives. That list subsequently expanded by nearly 50%, with trading connections and markets almost doubling.
Their trading desk also covers all regions and overnight markets from Hong Kong, in part thanks to Ironfly’s tech flexibility and workflow efficiencies.
Five years on, this fund client has grown significantly both in AUM and market/asset scope. And Ironfly has helped with this expansion. We have refined and optimized our tool set along with their evolving trade workflow needs. Ironfly has also added new integrations and service capacity along the way.
For some years this client opted to self-host Ironfly in their own datacenter array and also outsourced their tech support to a 3rd party vendor. After a series of production incidents they asked Ironfly to handle this as well. We recently completed migration over to Ironfly’s fully hosted and managed cloud solution.
More growth-driven planning and enhancements are still to come. And Ironfly will continue to partner with them and deliver the solutions and services they need to reach their goals.