Northern Trust has been appointed the fund administrator for New York-based Anchorage Capital Group, a $29.8 billion hedge fund.
The mandate will also include middle-office services through its flagship hedge fund technology platform Omnium, to the firm and its pooled investment vehicles.
“Northern Trust’s strong commitment to client service, collaboration and efficiency, combined with their leading-edge technology, make them the ideal partner for our administration needs,” said Natalie Birrell, partner and chief operating officer of Anchorage Capital Group.
The high-profile mandate is the latest for Northern Trust’s hedge fund services division, following the launch of new technology products for its hedge fund clients.
In May, the Chicago-headquartered service provider was selected by Magnetar Capital, an Illinois-based $13.1 billion multi-strategy hedge fund, for fund full middle and back-office fund administration.
Northern Trust was also chosen last year by Exodus Capital Management, which was described as the largest start-up fund of all time, as the administrator for its $8 billion hedge fund strategies.
“In challenging markets, fund managers need flexible and scalable operational solutions from a strategic partner that will provide an exceptional level of service to their investors,” said Jeff Boyd, CEO, North America, of Northern Trust Hedge Fund Services.
“Our global capabilities and understanding of the market align well with Anchorage’s needs. They have our full commitment to provide them with holistic solutions to meet today’s demands and adapt to support their investment strategies in the future.”