Financial software developer FTEN nabbed an undisclosed amount in second-round preferred stock funding from financial giants Merrill Lynch, Goldman Sachs, J.P. Morgan and Credit Suisse. The New York-based company provides digital applications to help prime brokers, clearing firms and hedge funds make direct transactions, assess risk and compliance, and easily monitor market data. It plans to use the investment to grow its operations in Europe and Asia.
The round comes at a time when hedge funds are increasingly choosing to work with more than one prime broker to cushion against poor performance. This trend has in turn given brokers incentive to more closely manage risk. FTEN hopes to offer solutions on both sides of this equation.
FTEN, which handles about 2 billion (or 20 percent of the total U.S. volume) a day, last received funding in 2003 from Outfitter Ventures.
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