Hedge Fund Realizes Operational Efficiencies and Over $215k in Annual Savings

The Problem

A leading hedge fund was struggling to manage its exchange feed and workstation deployment effectively. The CFO’s office lacked the proper expertise and time to manage the vendors and unique contract terms both effectively and efficiently.

Facing escalating costs, increasing administrative complexity, and minimal time to properly manage it, leadership decided to outsource their procurement strategy. The firm went in search of industry experts who had the experience and expertise to properly manage their vendors, reduce spend, and free up time for the CFO.

The Solution

As part of the Concertiv onboarding process, the team began the engagement by centralizing all the vendor information including contracts, contract terms, users, prior invoices and product descriptions. Armed with an understanding of each unique vendor and contract, the Concertiv team began tracking down paperwork, reconciling all invoices, and identifying active users to uncover potential savings from billing errors, overlapping, or underutilized subscriptions. This included the following:

• London Stock Exchange – identified product scope, term dates, and recommended budget.
• NASDAQ – provided product description to reconcile invoices and identified end users to confirm ongoing need.
• NYSE – reconciled invoices to ensure that FactSet was not double charging for data feed access.
• TMX Datalinx – provided detailed feed descriptions for Canadian exchange products.
• Options Price Reporting Authority –  tracked down subscription details and confirmed that the firm does not double pay.
• Spryware – collected contract information and product description for exchange feed normalizing software.
• Confirmed with all exchanges that firm was not being over billed.