Australian fund administrator MainstreamBPO has opened a New York office as it seeks to grow its hedge fund business.
The New York office is the groups’ first in the Northern Hemisphere and is opened with the aim of granting further exposure to the world’s largest hedge fund market.
With offices in Australia, Singapore and Hong Kong, the group currently provides services to over 420 funds with assets exceeding $84 billion.
“Opening an office in New York is an obvious next step for us given the US hedge fund market is the largest market in the world and accounts for more than half of global hedge fund assets,” said chairman and MD Bryan Johnston.
“We anticipate we will be in the top 20 ranking of fund administrators in North America based on the funds we currently have under administration.”
The new office will serve as a business development office for the group’s activity in North America with a view to moving into Caribbean fund administration.