Funds scramble to hire third-party administrators

Fri Jun 5, 2009



Back office services such as fund administration have suddenly become fashionable. Most recently, Sumitomo Mitsui Asset Management Company has appointed The Bank of New York Mellon as fund administrator for its new Cayman Islands-domiciled fund of hedge funds, the SMAM Alpha Dynasty Fund Trust. BNY Mellon, directly or through its affiliates, will also provide custody and trustee services.

At the same time, Sandalwood Securities, the Roseland, New Jersey-based funds of funds with more than $1.2 billion of assets under management, has recently retained Fortis Prime Fund Solutions to provide administration services for several of its largest funds of hedge funds. "With the investment community seeking ever greater transparency, the need to work alongside a strong, third party administrator became imperative to us," said Sandalwood founder and chief executive officer Martin Gross.

Of the Bank of New York Mellon deal, Ken Shimasaki, head of alternative investment group at Sumitomo Mitsui...

ISSN: 2151-1845 / CDC10004H

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