FUND ADMINISTRATION

Hong Kong hedge fund connects to BNY-Hazeltree cash management platform

The Hong Kong-based hedge fund manager will leverage Hazeltree Cash Manager alongside BNY Mellon’s Liquidity DIRECT.

By Joe Parsons joe.parsons@globalcustodian.com January 30, 2018 12:17 PM GMT

Ovata Capital Management has become the first client to join a cash management platform jointly operated by BNY Mellon and Hazeltree.

The Hong Kong-based hedge fund manager will leverage Hazeltree Cash Manager alongside BNY Mellon’s Liquidity DIRECT, gaining access to the custodian’s cash, treasury, collateral, financing, trading and custody services.

“This integrated solution allows us full transparency around of our cash balances and margin requirements across all of our counterparties,” said Nicholas Bloom, chief operating officer, Ovata Capital. “Hazeltree provides us with an efficient centralised systematic approach to optimise our treasury function across cash and margin and eliminates the need to use multiple counterparty portals,”

“As we launched our fund, we were impressed with Hazeltree’s smooth and fast implementation process, its knowledgeable team, and the tight integration with BNY Mellon Liquidity DIRECT.”

Ovata began trading in December last year with over $200 million in capital, and is tipped to become one of the largest macro hedge fund start-up in the region.

The joint service will help it streamline cash management processes, and centralize its cash balances across its global counterparties.

“The combined solution will help Ovata streamline their cash management processes as well as enable state-of-the-art robust investment capabilities and controls around managing balances,” added Jonathan Spirgel, head of global liquidity and segregation services, BNY Mellon Markets.