Brady’s Igloo Implemented for Fund in Three Weeks
Brady’s recent announcement around a commodity trading hedge fund adopting Igloo, Brady’s SaaS ETRM, to accelerate efficiency caught my interest. And, as it turns out, there is quite the story around this particular win for Brady as the deal and implementation was done at lightning speed. “They required urgent delivery,” Brady’s Mohammed Alanizi explained.
“The first contact with the fund took place late November 2024 and the product went live at the end of the year,” Mohammed told me. That’s just four weeks from initial sales contact to the customer using the solution in anger! The fund, a start-up and greenfield site, needed to be up and running rapidly and it required not just ETRM functionality and capability, but also the fund administration reporting functions. This is where Igloo is differentiated in that it meets those requirements and since, it is very active in the hedge fund space, it is also well-known by traders and investors in that space, Brady’s David Gallacher explained.
The implementation took three and a half weeks, they told me. Not only that, but this was at a time of the year when staff had already booked seasonal holidays and were already under a significant workload with other implementations. “The fund needed to be live with market connections and to be set up to trade listed options and futures for electric power, gas, emissions and coal. It also had to capture manually entered FX trades.” Mohammed said. “It needed custom reports as well as full position views and reports, and all of the fund administration reports.” He went on to explain that the roll out also included training and support for the client.
Brady had a handful of staff engaged on the project but given, the short notice and time of the year, it had to juggle its best resources in and out of the project, David said. “It showed that Brady has the knowledge spread across the entire team to be able to deliver quite a complex project under severe time constraints.” The customer team was also fully engaged in the project and so it was a real team effort that all can be proud of.
Mohammed points to Igloo’s architecture as helping with such a rapid implementation and offering the benefits that the fund was looking for including things like Open APIs, for example, “that allow export of all the data they require, a full audit trail to support it being the system of record and the fund administration functionality allowing trades to be split and allocated. The solution provides the fund with both good governance from day one as well as good investor oversight capabilities.”
As David Gallacher is quoted as saying in the press announcement, ““The hedge fund’s sophisticated trading approach requires a system that can handle a broad range of instruments across major energy exchanges, while also managing external accounts seamlessly. Igloo’s flexible architecture was built for precisely this level of complexity. We’re excited to support them in achieving their expansion goals.”
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