01/02/2012 Author: Will Wainewright

Form PF providers prepare for deadline

GlobeOp, the fund administrator, will start performing dry runs of its Form PF reporting process this week, ahead of the regulation’s implementation in the second half of 2012.

The new Securities and Exchange Commission guidelines require private funds with more than $150m under management to report more data on their positions, in an attempt to better monitor the industry’s systemic risk levels.

GlobeOp is focusing on larger private funds, worth more than $1.5bn, whose first reporting deadline comes this summer, and is testing its approach during the first quarter of the year.

“The first filing, which would be due in August, will use data that has to be gathered in April, May and June,” Vernon Barback, GlobeOp’s president and COO, told HFMWeek sister publication Wall Street Letter. “We will load the data for the month end of January, February and March so when it is time to do it in April, May and June it is a real operation for our clients.”

Martin Sreba, director at fellow service provider Advent Software, said the company was focusing on the 15 December compliance date for smaller advisers as their larger clients have more internal expertise.