The Bank of New York has been appointed by Gottex Value Added Fund Limited to provide fund of hedge fund custody and transaction processing for US$ 5 billion of hedge fund assets. Custody will be provided through AIB/BNY Trust Company Limited, Dublin. The Bank has also been appointed to handle the extensive banking requirements for the whole Gottex fund of hedge funds structure.
“We selected The Bank of New York as it clearly demonstrated its ability to deliver the added transparency and efficiency that our rapidly growing suite of funds requires,” says Clive Snowdon, Chief Operating Officer, Gottex Fund Management. “Our operational efficiency will be dramatically improved through the Bank’s new fund of hedge funds platform and the technology interfaces that we have put in place. We also recognized banking as a core competency of The Bank of New York and worked with them to leverage off the synergies of combining this with custody and other services that the Bank provides to derive a dynamic, across the board, solution for Gottex products. Throughout the process we were impressed by the Bank’s dedication in applying a very high level of resources to this complex mandate.”
David Aldrich, a managing director with the Bank of New York in London, says the bank is committed to servicing the fund of hedge funds marketplace. “The bank is now delivering a range of products to Gottex, including fund of hedge funds custody, cash management, foreign exchange and corporate trust facilities, and so is able to demonstrate the strength of its desire to build long term relationships with clients,” he says. “This is a landmark win for us.”