Following the collapse of Lehman Brothers, many hedge funds have added a second or even third prime broker as a means of diversifying their vendor risk. However, the trend towards using multiple prime brokers has created its own problems, necessitating the consolidation of disparate reports and adding to the complexities of risk management. According to Omnify the Athena Aura dashboard offers a low-cost and low-risk way of making the operational changes necessary to move to a multi-prime environment.

The new module allows users to create customised alerts based on consolidated holdings and trade information, risk measures and fund performance. When alerts are triggered managers are then notified via a range of channels, including on-screen messages and emails, thus enabling users to monitor exposures, risk and profit and loss in real time, even when not at their desks, the firm said in a statement.

“Hedge funds need three things to achieve real-time surveillance. First, they need a tool to consolidate all of their current position and trade information across all of their primes and execution systems. Second, they need a high-performance analytics framework to calculate their real-time exposures, P&L and stress tests and to evaluate both standard and custom alert rules. Finally, they need the ability to notify managers of rule breaches immediately, so that problems can be corrected before they impact the performance of the firm,” said Andy King, business development director at Omnify.

“Many firms struggle with putting these pieces together themselves. With this new module, ‘Aura’ delivers all three.”