Northern Trust has been selected by New York based fund manager Auda Hedge LLC to provide fund administration, custody, banking and foreign exchange services to its fund of hedge fund programme, with assets of about $1 billion.
“Northern Trust is able to offer us everything we need under one roof and, in addition, we are particularly excited about the prospect of having daily portfolio management data for our funds-of-hedge-funds for the first time. Both were important reasons that lead to Northern Trust’s selection,” says Robert Kirby, Auda’s COO. “Northern Trust demonstrated that through their consistent client service approach around the world, coupled with their superior single, global technology platform, they are able to meet our needs now and continue to support us through our plans for future growth.”
In January 2008, Northern Trust announced a worldwide exclusive partnership with youDevise to provide enhanced fund of hedge fund data to the fund of hedge fund community via the Hedge Information Provider (“HIP”) system. The HIP is an online portfolio management system developed specifically for funds-of-hedge-funds.Northern Trust became the first global asset servicer to adopt HIP through its partnership with youDevise. Northern Trust and youDevise are currently working on a programme that will see HIP fully integrated onto Northern Trust’s single, global technology platform by the summer of 2008.
“Funds-of-hedge-funds have become the route chosen by many institutional investors when accessing hedge funds,” says Wilson Leech, head of Northern Trust’s global fund services group. “By fully integrating HIP onto Northern Trust’s global platform we will be able to deliver an enhanced reporting capability and reduce operational risk, enabling our clients to make decisions faster and more effectively. This supports Northern Trust’s drive to offer comprehensive asset servicing capabilities to the global fund-of-hedge-funds industry and is a key part of our strategy for bringing innovative and effective solutions to asset managers around the world to meet their dynamic and increasingly complex requirements.”