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Electra Information Systems announced the launch of Electra Billing 3.0, a revenue management solution for customised fee billing, including performance fees and complex fee schedules.

Previously known as Quantum, the product includes new functionality designed to make it more user-friendly as Electra looks to tap in on an increased focus on the buy-side to improve operations and cut costs.

By Jake Safane

Software provider Electra Information Systems has launched a new version of Electra Billing, which provides asset managers with automated fee billing, customizable to their fee structure.

Asset managers are about to get a new billing system designed to automate their and secure their workflows.

Electra Information Systems has brought its newest billing system, Electra Billing, which gives the buyside an easy-to-use system that includes new data automation, security upgrades and digital tracking functionality. It is fully customizable.

The long-only, Connecticut-based equities specialist with $3.8 billion under management will use Electra's Billing 3.0, formerly known as Quantum, for revenue workflow management and customized billing, including performance fees and complex fee schedules.

Microsoft Excel spreadsheets continue to be broadly used at asset management firms. New regulations, risk management concern, and technological advancements are leading buy-side companies to examine ways to lessen their dependencies on these ubiquitous, manual solutions.

The damage caused by banking scandals may have been minimized by an event-driven reconciliation solution, says Todd Sloan, senior vice president of reconciliation systems at Electra Information Systems.

2014 is slated to be the first real test year for a number of critical provisions of Dodd-Frank, and in Europe the AIFMD, EMIR and proposed banking union will only add to that overhead. No one including the regulators themselves are fully aware of how all of this will play out.

The search for alpha is leading even traditional asset managers into alternative investments, greatly increasingly the complexity of the reconciliation process. Manual processes and Excel-based models no longer are sufficient, says Electra’s Ian Danic.

Electra has entered into an alliance with Eagle Investment Systems that will enable Eagle clients to use Electra’s assistance for data collection, fee billing and trade notification. The new alliance builds upon long-standing working relationship between the vendors.

Electra CEO John Landry writes that faced with tough mandates from regulators and investors, hedge funds must adopt automated reconciliation systems to improve their operations, mitigate risk and reduce costs.