State Street will provide accounting, administration, tax and risk services.Bruce Kovner’s Caxton Associates has selected International Fund Services, State Street’s hedge fund administration unit, to serve as an independent administrator for its $6 billion in assets.
State Street will provide accounting, administration, tax and risk services to the New York hedge fund shop. Since Bernie Madoff’s Ponzi scheme was revealed in December, investors have pushed hedge funds to add third-party administrators to provide a independent check on their activities. That manner of oversight was notably absent from Madoff’s trading operation.
Some investors, including Swiss investment behemoth Union Bancaire Privée, threatened to pull money from any hedge fund that did