Back Office & Operations

Millennium outsources fund administration

by

Millennium Management, Izzy Englander’s New York hedge fund shop, has decided to outsource administration for its three hedge funds, which manage over $11 billion, to GlobeOp Financial Services.

Millennium had been providing most of its fund administration in house with a large back-office staff. The move to outsource these services is significant in the wake of the widespread investor anxiety caused by Bernie Madoff’s $50 billion Ponzi scheme, which came to light in December. Madoff, who ran money for hedge funds and funds of funds, did not use an independent administrator, which some investors think can partly explain why