InvestCloud Solutions has released two new products, mbOffice and InvestCloud CustomPort, which consolidate middle- and back-office trading operations into a single cloud-based service.

mbOffice is aimed at hedge funds and asset managers, and supports portfolio management and investment administration. It also offers portals for reporting and communicating internally and externally. It is powered by Advent Software’s Geneva World Investor suite of accounting and reconciliation engines.

It is supposed to eradicate the need for in-house technology and operations for multi-product managers, according to InvestCloud.

InvestCloud CustomPort is the firm’s product designed for highly complex investors including institutions, endowments, foundations, etc. CustomPort leverages all aspects of mbOffice and has additional comparison views, oversight alerts, look-through methodologies for transparency and consolidated facts sheets, able to compilate data from various sources, the firm says.

The first deployment of the CustomPort technology is Conifer iCon, a project commissioned during the last six months by Conifer Group.

“Our belief is that enterprise software for small-to-medium-size investment managers will increasingly die off as cost and complexity become ever more excessive, and local deployments prove too difficult to install and maintain. The ‘cloud’ has changed the original 1980’s model of enterprise software and operations,” said John Wise, chief executive of InvestCloud.