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Friday, June 14, 2002|
PFPC Adds Private Equity Tools
PFPC is adding tools to handle private equity investments to its systems. The unit of PNC Financial will integrate the Financial Technologies' Investran accounting and allocation system into its alternative investment servicing business.
The firm said the move is a response to growing demand from high net worth investors and pension funds. PFPC believes that the tools will cut the costs of using private equity investments for these clients.
"Our specialized alternative investment offering is specifically designed to handle financial reporting, calculation and analysis for complex fund structures," said Neal J. Andrews, senior vice president and head of PFPC's accounting and administration business in a statement. "It offers the advantage of performing private equity work much more efficiently through the automation of many calculations, thereby eliminating the need for manual processing."
PFPC says that Investran's features include:
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