November 2, 2010 – InvestCloud said it launched a prime broker service.

The company, run by two former Netik executives, said it introduced The PrimeBroker Cloud, which will combine a transaction editor, messaging, data repository, intraday accounting, order management and an interactive reporting portal.

The online or "cloud" service is "designed to enhance the efficiency and effectiveness of processes at the heart of the prime brokerage role,'' InvestCloud said. The cloud services can be combined with the existing infrastructure of a prime broker, InvestCloud, based in Los Angeles, said.

That means the cloud services can be brought on in modular fashion.

"Our team's experience in working with the world's largest prime brokers has enabled InvestCloud to produce an object solution that can address holistic requirements or existing specific functional gaps,'' said chief executive John Wise, the founder and former chief executive of financial data management software firm Netik.

Wise and Netik's president, Colin Close, left Netik this spring, to found InvestCloud, whose first announced product was a virtual stock exchange game called Play My Millions.

InvestCloud's services are aimed at hedge funds, asset managers, prime brokers, fund administrator, custodians and outsourcers of operational services.

Its transaction editor and messaging technology are designed to support deployment via multiple devices including browsers, FaceBook, iPhone, iPad and Blackberry devices.

Separately, Options IT said it is using IBM technology to deliver private cloud services to capital markets firms.

Options IT said the private cloud services will enable clients such as hedge funds, proprietary trading shops or trading desks inside of investment banks to deploy "virtual plug and play technology" for their trading models and other financial applications via the Options PIPE platform.

Options IT's private cloud infrastructure platform relies on IBM BladeCenter technology, located at 18 data centers around the world.

This originally appeared on Securities Technology Monitor.

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