22/06/2011 Author: Tony Griffiths

HedgeServ tops $100bn AuA mark in record time

New York-headquartered fund administrator HedgeServ has passed $100bn in assets under administration (AuA), reaching the milestone in what is believed to be the fastest time in the sector’s history.

The firm is also poised to launch a London base in August, adding to offices in Chicago, Dublin and the Cayman Islands, as well as New York, HFMWeek can exclusively reveal.    

According to HedgeServ chairman and co-founder Jim Kelly, combined company AuA for single manager and funds of hedge funds will total $105bn as of 1 July 2011 – accrued two years after the firm took on its first client. HedgeServ began developing its administration offering in 2007.

“Most of the growth has come from the institutional space,” Kelly said. “Our offering is a good fit for what both institutional investors and asset managers are looking for at the moment. Transparency is a key requirement and our platform with its single data base, which gives all clients access to their data, stringent valuation process, middle-office and risk services make it an attractive proposition.”

A significant percentage of the firm’s growth is coming from large hedge funds that are looking for a more current technology platform, Kelly added.  

Around two-thirds of HedgeServ’s 300-strong workforce is based in its Dublin office, providing middle-office, fund accounting and investor services.