Northern Trust Hedge Fund Services Wins Mandate from U.K. Fund

Northern Trust Hedge Fund Services has won a mandate from U.K.-based Alcova Asset Management to provide middle- and back-office services for Alcova’s quantitatively driven, equity market-neutral fund.

For the middle office, Northern Trust will offer services such as trade capture and matching, lifecycle event processing, and daily profit and loss (P&L) reporting. For the back office, Northern Trust will offer administrative services such as NAV calculation and tax reporting.

“Fund managers are increasingly looking for solutions that support real-time data delivery,” says Liam Butler, head of Northern Trust Hedge Fund Services Europe. “This helps them meet demands for transparency particularly as they implement various global regulations.”

“We were looking for a partner who had made an industry leading investment in technology and built an integral middle-office service from day one,” says Russell Hart, chief operating officer and partner at Alcova. “Northern Trust, through its global scale and experience in providing specialist hedge fund administration, demonstrated an understanding of the intricacies of our strategy and met all our requirements.”