Specialist fund of funds provider Nedgroup Investments has appointed Fortis Prime Fund Solutions’ Isle of Man office as the new administrator for all of its funds, as it gears up for further growth.
Nedgroup Investments’ assets under management have grown steadily over the past 24 months, and are set to accelerate with the launch of its newest fund of hedge funds in February, Nedgroup Investments Premium Portfolio PLC, which is aimed at Institutional Investors.
The new fund is its second fund of hedge funds and follows the success of its Target Return Fund, which aims for an annual return of 3-5% above US$ LIBOR.
Nedgroup Investments’ other funds include hybrid and long only funds. Comprised from a range of long and hedge strategies, the hybrid funds are a low volatility Guarded Fund, a higher capital growth Accelerated Fund and a Diversified Fund, which is designed to limit risk by using a diverse portfolio of assets based on a balanced type mandate.
Together with its three long only funds: the Absolute Growth Fund, the Absolute Balanced Fund and the International Bond Fund, the eight Nedgroup Investment funds have a combined assets under management of $930 million.
Andrew Lodge, chief executive officer of Nedgroup Investments, says: “Fortis has an outstanding track record of managing scalability, which aligns with our business growth plans. The transition of our fund administration services to Fortis will support our future business growth as we look to develop more technical products across a broader range of asset classes whilst maintaining tight operational controls, due diligence and best execution.
“The Fortis team demonstrate an aligned commitment to high fund administration standards. As we move from a bull to a bear market cycle, the ability for the back and middle office to provide timely and accurate fund admin services across an evolving range of asset classes is going to be paramount.”
Commenting on the mandate, Kevin Doyle, managing director of Fortis Prime Fund Solutions (IOM) Limited says:
“We are delighted to be awarded this mandate from Nedgroup Investments and look forward to working with them to grow their business and support innovative new fund concepts, such as Premium Portfolio.”
Fortis Prime Fund Solutions will provide Nedgroup Investments with NAV calculation, asset dealing, fund accounting and corporate secretarial services.