Northern Trust has announced the setup of a worldwide partnership with financial applications company youDevise, it will offer funds of hedge funds daily portfolio management data. Typically, funds of hedge funds ("FoHF") can only get this type of information from their administrators on a monthly basis and without nearly as much detail.

"The combined Northern Trust-HIP solution represents a tremendous step forward in Management Information Systems for the US$1.5 trillion global fund of hedge funds industry," said Wilson Leech, head of Northern Trust's Global Fund Services group. He noted this development comes at a particularly crucial time for the industry as it faces increasing demand from institutional investors for more transparency, governance, and detailed reporting.

The HIP will be fully integrated onto Northern Trust's single, global technology platform so that FoHF clients can obtain daily information about their hedge fund holdings, current value, performance, liquidity, hedging, and a detailed breakdown of assets and transactions. The information will be accessible through Passport, Northern Trust's interactive web portal, which provides clients with secure access to account information and portfolio reports.