Discovery becomes first US asset management client for Trema

Discovery Capital Management, a multi-asset-class emerging market hedge fund with $900 million in assets under management, has introduced Trema Finance Kit, a straight-through processing portfolio analysis, accounting and reporting tool.

According to Trema Group, a Swedish financial technology vendor, South Norwalk, Connecticut-based Discovery selected Finance Kit over 60 other competitor vendor solutions.

Trema, most of whose clients are European corporate treasuries, banks and investment managers, is seeking to make inroads in the US market. Consequently, this week it hired a new head of global sales to asset managers.

“It's our first step into the US and it's going to be the start of things to come,” said Roy Williamson, Trema’s UK sales director, of the sale to Discovery. “Hedge funds is definitely a key part of the strategy."

Williamson said Trema was in discussion with prime brokers and other third parties in the US to potentially offer Trema products on an outsourcing or application service provider basis.

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