Tripe Leo Consulting has launched as a full-service hedge fund administration and operational consulting business based in Philadelphia.
The newly formed administrator will provide administration services to investment managers, primarily in the hedge fund and fund-of-funds space.
Triple Leo will also provide services for separately managed accounts and family offices.
“The firm was founded on the premise that financial services needs to be simple, efficient and timely,” said Mike Quinn, Triple Leo Consulting founder and CEO.
“Our goal is to provide very high-quality, customised solutions to investment managers, while keeping the costs down and allowing them to focus on raising capital and investing the assets, while we handle the rest.”
Prior to launching Triple Leo, Quinn was managing director at Crederian Fund Services for almost nine years where he was responsible for day-to-day operations of the firm, business development and client relationships.
Previously, Quinn was also senior manager at PFPC, the fund administration unit of PNC Financial Services Group.
The launch of Triple Leo comes against a backdrop of consolidation in the fund administration sector.
In February Northern Trust entered into an agreement with UBS Group to acquire UBS Asset Management fund administration servicing units in Luxembourg and Switzerland.