Maples Fund Services has expanded its mandate with Para Advisors, a hedge fund manager with $200 million in assets under management, to include administration for the funds onshore (U.S.) assets.
Para previously administrated its U.S. onshore funds internally. Maples has been the hedge funds administrator for offshore funds since 2010.
The expansion is a testament to our value of independence, client excellence, customized approach, and our ability to service both onshore and offshore funds, says Toni Pinkerton, global head of Maples Fund Services, said. We are committed to supporting Para as its business grows.
Para launched its flagship onshore fund in 1991. The investment strategy of the onshore funds consists of a multi-strategy, event-driven approach, similar to the strategy used for Paras offshore fund.
We are pleased to expand our relationship with Maples Fund Services to now include administration of our U.S. domestic funds, says Ned Sadaka, president of Para Advisors. Maples has continuously exceeded our expectations for service and responsiveness, and we look forward to further deepening our relationship with them.
Maples announced earlier this week that it had hired Steve Lewis, former vice president for Offshore and Alternative Investments at State Street, as its director of European Business Development.
(CG)