Northern Trust says Swiss Capital Group has appointed it to provide custody and fund administration services to its entire fund-of-hedge-funds range. This consists of 15 funds with a value of approximately US$1.2 billion (EUR1 billion).
“After conducting a comprehensive review of the administrators and custodians that supply services to the fund of hedge funds market, we chose Northern Trust because of its strategic view on the hedge fund business, its experienced team and its superior technology,” says Marcel Schindler, Chief Operating Officer and Partner at Swiss Capital Group.
Jonathan Quigley, Director of Technical Sales for alternative asset administration at Northern Trust in Dublin, says he sees the mandate as a strong endorsement of the capabilities of the bank. “As the funds of hedge funds market place continues to grow in both size and complexity, this is creating more opportunities for full service administrators that have the expertise and experience in this area – like Northern Trust – to be able to provide a high level of operational risk management and world class servicing to this type of client,” he says.