Merrill rolls out platform for hedge funds

Merrill Lynch & Co. of New York has launched an independent broker-neutral platform for its prime brokerage clients in the hedge fund industry. Merrill Middle Office Solution supports a variety of middle- and back-office services and was powered by GlobeOp Financial Services S.A. a company S.A. headquartered in London and New York, a firm specializing in development of independent platforms. With established and start-up hedge funds increasingly outsourcing middle- and back-office functions, Merrill hopes this platform will provide hedge funds with more flexible access to multiple prime brokers through a single point of web-based access. Additionally, prime brokerage customers of Merrill Lynch, will have access to Merrill Lynch’s prime brokerage services, including stock loan and financing.