BNP Paribas Securities Services in Madrid (BNP Paribas) has been appointed depository bank and fund administrator by Algebra Partners, the first independent hedge fund manager in Spain to be accredited by the CNMV, the Spanish securities market regulator.
BNP Paribas will provide a complete portfolio servicing application to Algebra that includes fund accounting, Net Asset Value calculation and investment compliance monitoring for the firm’s recently launched ‘Cygnus’ fund. BNP Paribas will also prepare regulatory reporting for the fund as well as provide a customised ‘white label’ client reporting application for Algebra’s own investor clients.
The recent authorisation of domestic, onshore hedge funds in Spain (known as fondos de inversin libre) has created a new market for servicing alternative assets in Spain.
“We are delighted to be appointed by Algebra as administrator for Spain’s first independent hedge fund,” says Alvara Camunas, the Head of BNP Paribas Securities Services in Spain. “This mandate underscores our commitment to develop new products and deliver innovative solutions to meet the evolving needs of our clients and the market. We are convinced that the alternative investment industry is poised for rapid growth in the coming years and we are very well placed to accompany our clients as the market develops.”
“We were impressed by BNP Paribas’ experience and track record in servicing alternative investments in other markets in Europe, as well as their ability to adapt this expertise to meet our local requirements here in Spain,” adds Juan Cruz, the Managing Director of Algebra.
In addition to Spain, BNP Paribas Securities Services offers comprehensive investment administration solutions to hedge funds and funds-of-hedge funds from its offices in Australia, France, Germany, Ireland Italy, Luxembourg and the United Kingdom.