Hedge fund administration consolidation 18 November 2010Bermuda Reporter: Steven Lafferty
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Equinoxe Alternative Investment Services Holdings Limited announces a strategic merger with MadisonGrey Holdings. This transaction creates a global hedge fund administrator with combined assets under administration of over $7bn, which will accelerate it into the rankings as one of the top 10 largest independent administrators. This increased size will enable servicing of funds onshore in the US through the Atlanta office, as well as offshore in Bermuda, Cayman, Mauritius, and in Europe through Ireland. It will provide enhanced opportunities for dedicated manager service in more time zones.
The new US entity, to be known as Equinoxe Alternative Investment Services (USA) Inc., will increase to 50, the number of employees across the 5 Equinoxe offices servicing 150 funds. With its superior technology platform, Equinoxe is capable of servicing the full range of hedge fund strategies from core fund administration services to middle office outsource solutions.
Stephen Castree, CEO of Equinoxe says, "We are thrilled to be able to create a global force through this strategic merger. The integrated companies will extend the full service platform onshore in the USA, a cornerstone of our expansion plans, whilst continuing to leverage our institutional technology capabilities with a highly focused boutique service model, our key differentiator in the market."
Charles Thornton, President of MadisonGrey Holdings adds, "The benefit to our clients of this merger will be seen in the expanded international geographic reach, additional technology and services, plus the greater resources that we can offer as a combined group."
Stephen Castree adds, "Assets under administration have become a significant factor in being able to secure new business in the industry. Due diligence teams not only complete extensive examinations of service provider technology and procedures, but also evaluate the composition and assets of the client base. With this combination of Equinoxe and MadisonGrey, we are well positioned to meet the needs of emerging, existing and mature managers alike with our full suite of services and capabilities offered on a global basis."
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