Hedge funds targeted by Summit-CoVision alliance

The platform became available exclusively through New York-based CoVision from the start of third-quarter 2002. The alliance aims to provide the investment platform of choice for managers of all hedge fund styles seeking to enhance operating performance and build an institutional-quality investment business. Hedge fund managers sponsored by CoVision will have access to real-time trading and risk analytics; analytics and processing for exchange-traded and over-the-counter derivatives; and real-time risk management tools supporting market and operational risk management.

Brian Zipp, one of CoVision’s founding partners, said the response to the alliance by hedge funds in New York has been promising, although he did not comment on new signings.

"The growing complexity and speed of markets, as well as increased investor focus on risk, make sustainable [hedge fund] manager success more difficult to achieve," Zipp said. "Creating an operating infrastructure typical of major financial institutions is becoming increasingly important in building a successful hedge fund business."

CoVision offers hedge funds services including institutional capital raising, trade processing, portfolio and risk analytics, and legal and accounting functions. It also specialises in delivering market and operational risk management to institutional investors.

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