Investment Management Solutions
Client Case Study – Belay Partners“Broadridge’s unique combined order management and portfolio management
system is all that we need to support the entire workflow of our firm”-Andrew Wall, COO, Belay Partners
ProfileBelay Partners is a
London-based,
European long/shortfund that launched in
December 2009. This
high-profile start-up
was co-founded by
Daoud Zekrya andHarry Tyser.

Background
Belay was a start-up with asophisticated internal structure andlimited IT resources. They had four key
requirements for their front- toback-office technology:
1. One flexible integrated solution
2. Limited IT resource requirement
3. Outstanding support
4. Lowest total cost of ownership

Solution
The solution includes Broadridge’s
Portfolio Master and Analytics Master,leveraging Hosted Services.

Introduction
Belay Partners is a London-based, European long/short fund that launched in December 2009. This
high-profile start-up was co-founded by Daoud Zekrya, a former partner at Marshall Wace AssetManagement, and Harry Tyser, a former New Star Asset Management veteran who managed the firm’s
Firefly hedge fund.
The Belay Fund is made up of two sub-books, one that is tactical and short-term in nature, and the otherthat is driven by a more fundamental, and long-term approach. The firm’s two portfolio managers manage
these sub-books autonomously but share a process-driven method for allocating and managing risk
known as “The Belay System”. The fund invests in European equities, FX, futures and CFDs, is primed atboth Credit Suisse and Morgan Stanley, and is administered by Daiwa Fund Services.
“We gave considerable thought to the solution that would support our firm,” explained Andrew Wall,
COO of Belay Partners. “We came up with four distinct requirements that we were unwilling tocompromise on: 1/ we wanted one flexible integrated solution; 2/ the solution had to require minimal ITresources; 3/ we demanded outstanding support; and 4/ the solution had to offer the lowest total cost ofownership of possible. In the end Broadridge turned out to be the only provider that could fully satisfy us
across all of these requirements.”

One Flexible Integrated Solution
Belay wanted one flexible system that could handle all the core business activities of their front-, middle-,
and back-office. “The Belay System” meant that a real-time understanding of P&L and risk exposure within
the two separate sub-books was vital.
“From the beginning we knew that we wanted one all encompassing solution, one that would also offer uscomplete flexibility,” explained Mr. Wall, “Our vision was to empower our two portfolio managers so thatthey would have the ability to see in real-time their sub-book’s complete P&L and exposure, and if needbe, react instantly by right-clicking and sending their orders directly for execution via DMA. My pastexperience with other systems was that legacy programing issues prevented many solutions from offering
this level of flexibility. These systems hamstrung their users and forced them into costly customizations orrequired them to build elaborate spreadsheets outside of their core systems.
What intrigued us initially about Broadridge was their state- of-the-art approach that combined ordermanagement and portfolio management onto one integrated platform. This approach has provided us
with complete flexibility.” Belay utilizes Broadridge’s combined order management and portfolio
management, Portfolio Master, for electronic trading and order management including two-way FIX
connections to various EMS platforms and brokers, pre- / post-trade compliance, real-time P&L
monitoring, portfolio management, reference data management, pricing, and NAV reporting. Belay has
also implemented Analytics Master for automated reconciliation to its prime brokers and fundadministrator as well as for customized, firm-wide reporting.
(Continued)

Benefits

Minimal IT Resource RequirementÎ One integrated solution thatA key selling point for Belay was Broadridge’s ability to host the entire solution with Broadridge’s industryleading application service provider offering, Hosted Services. “As a start-up fund our priorities must
obviously be focused on returns and gathering assets,” commented Mr. Wall, “What was so appealing
about Broadridge’s Hosted Services was its ability to get us up and running quickly, and the fact that we
did not need to commit resources to ongoing hardware and software support. A further consideration wasthat with Hosted Services we now had options for the future - depending on how Belay evolves we cannow simply plug into the Broadridge’s network which offers us a whole host of leading software, data, andconnectivity options.”

combines order management andportfolio management to support
the entire workflow of the front-,middle-, and back-officeÎ Significantly reduced operating

cost by leveraging Broadridge’s
hosted ASP deployment solution
Î Flexible real-time views of

firm- wide P&L and risk
Î Complete solution that empowers

portfolio managers to place theirown tradesÎ Technology path for the futurewith seamless access to theBroadridge’s network

Broadridge’s Hosted Services includes a fully managed IT service, 24x7 technical and product support,
hardware, product upgrades and quality assurance, and mirrored (“hot site”) disaster recovery.

Outstanding Support
Besides the need for a fully hosted integrated solution Belay Partners also demanded outstanding
support. “We have many years of experience in this industry and we were all too aware that technology
without adequate support was a recipe for disaster,” said Mr. Wall, “We could not afford issues that would
distract us from our primary mission of generating alpha. To date we have found Broadridge’s support tobe second to none. In fact we have not been able to come up with something that Broadridge has notbeen able to deliver. Their understanding of how hedge funds operate, and particularly their knowledge ofthe intricacies of European markets really allowed them to customize the solution according to the wishesof our portfolio managers. The quality of their support personnel makes it clear to me that Broadridge has
made a significant commitment to become a leader here in Europe.”

Lowest Total Cost of Ownership
Portfolio Master deployed via Hosted Services offers the lowest total cost of ownership for hedge
funds. “Our philosophy is that while we are still growing the firm we need to be particularly consciousof cost,” commented Mr. Wall, “Broadridge’s hosted integrated solution provides us with a lower total
cost of ownership than we would have been able to achieve elsewhere. The savings generated not only
relate to hosting the solution but also because the integrated nature of Portfolio Master just requires
less resources.”

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