Boston-based State Street Corporation, a global provider of financial services to institutional investors, has announced that it has been selected to provide a range of hedge fund administration services for approximately $6 billion in assets advised by New York-based Caxton Associates LP.
State Street’s hedge fund administration company, International Fund Services (IFS), will provide fund accounting, fund administration, tax and risk services to five master-feeder fund structures managed by Caxton Associates and affiliates.
John Forbes, CEO of Caxton Associates LP, said: “Our decision to select IFS as our independent fund administrator was based on their long and significant experience servicing highly sophisticated and complex hedge funds in the industry. We also took comfort in IFS’s premium technology, experienced staff, and meticulous control environment, which gave us added confidence that IFS could handle our complex and dynamic products.”
Jack Klinck, Eexecutive Vice President and Global Head of State Street’s Alternative Investment Solutions team, said: “This new mandate is representative of a fundamental shift underway in the hedge fund industry, as more managers seek to outsource administrative services in a highly competitive environment in which hedge funds are increasingly subject to intense investor scrutiny. We look forward to forging a long-standing relationship with Caxton Associates and to helping them create additional efficiencies in their operations.”
