Wells Fargo Mandated For Fund Services By Pretium

Wells Fargo Global Fund Services has been selected to provide fund administration by New-York based investment manager, Pretium Partners.
By Joe Parsons(2147488729)
Wells Fargo Global Fund Services has been selected to provide fund administration by New-York based investment manager, Pretium Partners.

The mandate will also see the bank take on the middle and back office operations of Pretium’s subsidiary, Pretium Mortgage Credit Management, becoming the latest manager to outsource certain requirements to larger firms.

“Pretium’s decision to award us this new mandate demonstrates Wells Fargo’s strength in the marketplace as the firm of choice for hedge fund and private equity managers with complex credit strategies,” says Randall Redier, director of sales, Wells Fargo Global Fund Services.

The mandate comes after rival bank Northern Trust was selected by two start-up investment funds to provide hedge fund administration and reporting services.

A large portion of small fund managers are addressing compliance challenges and rising costs through outsourcing, in order to instead focus on core business and market strategies.

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