Funds of Hedge Funds

Funds scramble to hire third-party administrators

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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