Fund firms and broker-dealers needing Patriot Act compliance tools can now turn to one of their peers for a solution. Quant Funds has put together a PC-based program that assists firms with complying with the act, said Fred Marius, president.

The Patriot Act software is written to run on machines running on Windows 98 and higher and runs the firm's client list against both Fincin requests and the OFAC request lists on a nightly basis. Marius likens the tool to anti-virus software in how it operates. "This is like virus software, it checks in to update the lists so you are running it against the most current lists," he explained.

The firm spent the past nine months creating the software and started shipping the first copies to financial intitutions last week, said Marius. "We will be shipping demos to hundreds of potential users in the industry," he added, noting that the firm is targeting all fund companies and broker-dealers with the software.

Marius said that the firm is seeking a sales and marketing executive to help on the software effort. The position is an expansion of one held by Heather Dondis until last week.

"We are expanding Heather's job to encompass this effort," said Marius. Dondis had held sales and marketing responsibilities for just the firm's asset management products. 

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