Bank of Bermuda selects Reech FastVal for derivatives valuation
The Bank of Bermuda has selected Reech FastVal for its global fund services (GFS) division, which provides fund administration services to the alternative funds industry. Reech FastVal will be used to provide independent valuation or validation of the banks’ clients' over-the-counter contracts, supporting equity, fixed-income, foreign exchange and credit asset classes.
Chris Wilcockson, head of client services at Bank of Bermuda GFS, said the bank requires independent valuations for the 2,800 funds under its administration. The bank said it selected Reech FastVal because it conducts independent pricing for a wide range of instruments and has the flexibility to easily add new instrument types. “The ASP model best suited our needs, as it enables costs to be scaled to our growth. Its full service capability also helps us reduce operating risk and improve efficiencies while providing full process independence for our clients," said Wilcockson.
US technology company SunGard Trading and Risk Systems acquired Reech Capital, a London-based risk pricing, validation and portfolio valuation technology company, in May.
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