News in brief - 3

Maximum Dynamics, a software vendor supplying the fund management and investment community, has said two hedge funds are beta testing its Datalus product. The customers are funds based in Colorado and the supplier expects to complete the beta testing process in March. Maximum Dynamics said it aims to have a standalone, retail version available to investment professionals by late 2003. In the meantime, the company will continue to pursue new fund administration sales contracts.

IFX Group is to launch a new back-office system aimed at small to medium-sized hedge fund managers. The technology has been described as a true 'click and deal' system enabling trades of forwards and options.

The supplier is tight-lipped with regards to the launch, but said an official announcement will be made in early March. It is thought the launch will put IFX Group in direct competition with prime brokers.

Finnish software supplier Trema Group has launched an updated version of its Finance KIT solution. Version 6.0 incorporates a unique API and 'plug and use' interfaces, enabling users to connect with external production and distribution systems providing more scalability while minimising maintenance and costs.

Charles River Development and TradeWeb have joined forces to develop a front-to-back-office fixed income trading solution. The two firms are combining their software to produce a solution which will eliminate re-keying of data at various points in the order and execution cycle. An initial user of the solution will be Putnam Investments.