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Our History

A Deep History in Buy-Side Investment Management Operations

Our Beginning

Electra was founded in 1998 by current CEO John Landry as a provider of consulting services to the investment management industry. Through this consulting work, John identified a market need for a post-trade automation solution for custodian trade and client notifications, confirms/affirms and settlement instructions.

Electra Settlements became the first of several products the company developed and sold to other investment managers for post-trade processing. With the subsequent creation of solutions for Reconciliation, Data Aggregation, Trade and Settlement Notification, Trade Fail Management, and Client Fee Billing, the company’s solutions are now used by hundreds of asset managers, hedge funds, fund administrators and outsourced service providers across the globe.

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Electra Reconciliation was introduced in 1996 as the buy side’s need for more automation in post-trade operations increased. Built from the bottom up from within the buy-side industry and for the institutional investment manager, Electra Reconciliation is a centralized solution for managing all reconciliation processes across the middle and back offices.

In 1999, Electra launched a comprehensive reconciliation data catalog which included multiple data types beyond just standard positions, transactions and cash. This achievement made Electra the only vendor at the time to integrate research data to help expedite the investigations’ process (patented in 2017). Electra coupled its reconciliation data catalog with specific features built for investment management, including NAV, intraday and internal source reconciliation; reconstruction of previous month-end cash reconciliation; and pending trade break suspension.

Key milestones for Electra Reconciliation:
  • Moved from a proprietary database to SQL in 2005
  • Launched a SaaS version in 2010
  • Released unique workflow technology in 2012 that intelligently integrates cash balances, transaction activity and positions data
  • Was granted a patent for its intelligent integration capability in 2017
  • Launched Electra Managed Services offering for reconciliation in 2017
  • Released a new and improved user Electra Data dashboard in 2019

Soon after the initial launch of Electra Reconciliation, the company introduced Electra Data to automate the aggregation of securities and cash position and transaction data, and further automate the Electra Reconciliation workflow tool. Today, Electra collects more than 3,300 unique, direct data feeds from over 1,300 global custodians, prime brokers, broker/dealers, subadvisors, fund administrators, counterparties and other financial institutions for asset managers to use in their reconciliation, settlement and other post-trade processes.

Electra FailSafe was developed in 2011 as a web-based system that simplifies failed trade management by uniquely identifying pending-unmatched trades and highlighting trades at risk of failing and exposing fail trades. FailSafe later became part of Electra Reconciliations in order to more tightly integrate exception management and fails trade management processes. In 2012, Electra acquired a client fee billing application from Legg Mason. Renamed Electra Billing, the system is an integrated workflow-based client fee billing and revenue management solution that improves the speed and accuracy of invoices, cash flow and client service while reducing risk.

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Electra’s key innovations and accomplishments:

  • First vendor to introduce research into the reconciliation process using machine learning
  • Patented a capability that integrates all facets of a reconciliation – positions, transactions and cash – within one intelligent workflow
  • Integrated data and solutions across multiple touch points, from trading desks to banks/custodians
  • Developed proprietary billing application algorithms supporting complex fee schedules and faster, more accurate invoice processing
  • Won (and continues to win) multiple awards from FTF News, Waters, and Buy-Side Technology

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