US-based HedgeOp Compliance, which provides specialized compliance software and consulting services for alternative asset managers, has been granted a patent on its ComplianceTrak software, a tool that enables managers to meet their compliance requirements.

“In the wake of the financial crisis, and in particular, the damage it has had on investor confidence, investment in compliance infrastructure has become a chief concern for many managers,” said Bill Mulligan, chief executive of HedgeOp.

“Many fund managers are finding that with reduced assets under management and [more] regulation on the horizon, the cost of staying compliant is becoming prohibitive. ComplianceTrak is a customizable web-based system that guides end users as they capture the information required to construct the reporting, monitoring and tracking infrastructure necessary to demonstrate compliance,” said Mr Mulligan.

ComplianceTrak is a web-based application, designed to support a compliance infrastructure and process based on the needs of an organisation and best industry practices.

Since its development in 2001, ComplianceTrak has evolved into a front-end application that supports managers ranging from those with multi-billion dollars assets under management to startups. To date, dozens of managers and more than one hundred hedge funds employ ComplianceTrak’s software to meet their regulatory requirements.