Harmonic Fund Services has gone live with Finastra’s Fusion Loan IQ solution. The independent fund administration and alternative asset fund servicing firm will reportedly leverage Finastra’s platform to provide a new loan administration and agency service to its diverse alternative investment funds client base. While sharing more details about the collaboration, John Wolfe, Director at Harmonic Fund Services, stated:
“Our customers have sophisticated needs, and when it comes to loan admin servicing that is no exception,” said . “With Fusion Loan IQ, we will be able to expand our services to meet the growing lending needs of our fund administration clients. This will be a highly complementary offering to our existing and well established private debt administration and back/middle office support operations.”
Harmonic Fund Services currently provides services and technology to investment funds, including hedge funds, fund of funds, private equity/debt funds, pension funds and family offices. The firm reported it has recognized an untapped opportunity to bring in-demand loan services to its clients and sought a technology partner that could provide a best-of-breed solution. It was also noted that Fusion Loan IQ was selected for its ability to handle complex debt-related transactions and very large syndicated loan deals. Chris Zingo, Managing Director of Americas in Enterprise Markets at Finastra, then added:
“Harmonic Fund Services is demonstrating how products traditionally used by banks can be implemented in other areas of financial services. This approach to technology is bringing a sought-after service to the fund administrator’s end users, whilst expanding Harmonic’s vertical debt servicing platform.”