AFA and NewOak strategically partner, provide tech products for illiquid assets
Advanced Fund Administration and NewOak Solutions signed an agreement to give AFA clients access to more technology products that deal with complex and illiquid assets. "The fund administration landscape has changed quite dramatically and our clients are increasingly investing in more complex strategies such as whole loans, (commercial mortgage-backed securities), and asset-backed securities," said Peter Young, president and CEO of AFA. "NewOak's expertise in providing valuations and analytical reporting further enhances the superior offering currently available to our clients." AFA manages hedge funds and private equity funds. The company, based in the Cayman Islands, provides technological managing services and fund managers. NewOak Solutions is an advisory, asset management and capital markets firm that creates valuation tools for the mortgage industry. Through the partnership, NewOak will provide periodic valuations and a suite of analytical reporting to AFA. This includes security level pricing, risk analytics, and collateral data on complex and illiquid fixed-income securities for residential mortgage-backed securities, CMBS, other asset-back securities and individual loans. AFA also now will offer NewOak's collateral management and loan tracking platform, STRATUS. "We wanted to work with a quality partner who understood that we could add value to their service model, and ultimately provide better value to the client by integrating our analytics and technology within their platform," said Chad Burhance, head of NewOak Solutions. NewOak has only one other relationship similar to this partnership, with LECG. However, the firm said it is opening to more partnerships. Financial terms of the deal weren't disclosed. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.