Custom House Administration & Corporate Services Ltd, a Dublin-based hedge fund administrator, and Investment Data Services, a Cape Town-based third-party administrator, announced today a joint venture to serve South African hedge fund managers domestically and offshore.
Under the agreement, IDS, through its IDS Alternate Fund Services subsidiary, will receive technical support and training on the PAXUS system from Custom House to provide enhanced accounting and valuation services for IDS’s South African-based clients. In return, Custom House will work with IDS’s clients wishing to set-up funds outside of South Africa.
Dermot Butler, Chairman of Custom House, said hedge fund managers looking to be serviced from Dublin are competing with larger funds for administration services.
“The joint venture with IDS enables Custom House to offer a solution by ensuring that funds are serviced through Dublin,” Butler said. “We are finding a high demand for outsourced administration services among small-and medium-sized hedge funds.”
Today’s announcement comes on the heels of Custom House announcing expansion into the Middle East with the hiring of Thomas Kelly, and into the US with a new presence in Chicago.