The tool will help clients meet Form PF and other emerging regulatory requirements through a combination of technology, consultative support, and data aggregation and reporting services, Northern Trust said.

Northern Trust Hedge Fund Services staff and clients will use the application as a workflow tool to streamline the process of drafting, reviewing and finalizing Form PF filings.

“Form PF requires data from multiple sources, with many questions open to interpretation, making the filing process both complex and labor intensive,” said Peter Sanchez, chief executive of Northern Trust Hedge Fund Services.

With the new tool, strategy and attribution tags are applied to securities and positions to help categorize holdings data, the firm explained. Calculation methodologies for each question can be adjusted based on the client’s assumptions, with access to the underlying data supporting each calculation, it said.

Form PF reporting complies with Section 404 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is aimed at protecting investors and the US financial system from future systemic risk.

A number of firms have recently developed programs and solutions related to Form PF, highlighting how regulatory requirements are putting pressures on fund managers and advisors.

In March, for example, BNY Mellon launched a reporting solution that enables alternative investment clients to prepare and file Form PF.