State Street Selected by Caxton Associates LP to Provide Hedge Fund Administration Services for $6 Billion in Assets
June 25 2009 - 2:00PM
Business Wire
State Street Corporation (NYSE: STT), the world�s leading
provider of financial services to institutional investors,
announced today that it has been selected to provide a range of
hedge fund administration services for approximately $6 billion in
assets advised by Caxton Associates LP.
International Fund Services (IFS), State Street�s hedge fund
administration company, will provide fund accounting, fund
administration, tax and risk services to five master-feeder fund
structures managed by New York-based Caxton Associates and
affiliates.
�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,� said John G. Forbes, chief operating officer of Caxton
Associates LP. �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.�
�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,� said Jack Klinck, executive vice
president and global head of State Street�s Alternative Investment
Solutions team. �We look forward to forging a long-standing
relationship with Caxton Associates and to helping them create
additional efficiencies in their operations.�
The arrangement between Caxton Associates and State Street
highlights the importance of appointing third-party administrators
to help alleviate the growing administration requirements from
institutional hedge fund investors. For example, State Street�s
2008 hedge fund research study conducted during the 2008 Global
Absolute Return Congress (Global ARC) revealed that institutional
investors continue to seek transparency for their hedge fund
holdings. Five out of six institutions (84 percent) expect more
disclosure of hedge fund positions and nearly half (49 percent)
anticipate more frequent reporting from hedge fund managers.
Meanwhile, only a few (19 percent) currently receive some level of
consistent transparency across hedge fund holdings.
The breadth and scope of IFS�s offerings allow State Street to
develop individual, highly specialized solutions that can meet
virtually any level of asset servicing requirements for clients
across a broad range of sizes and levels of complexity. Using
leading edge technology, IFS�s respected and highly experienced
team collaborates with customers around the globe, including many
of the world�s largest and most sophisticated hedge funds.
State Street Corporation (NYSE: STT) is the world's leading
provider of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $11.3 trillion in assets
under custody and $1.4 trillion in assets under management at March
31, 2009, State Street operates in 27 countries and more than 100
geographic markets worldwide. For more information, visit State
Street�s website at www.statestreet.com. To obtain a copy of the
State Street hedge fund research study, please contact
publicrelations@statestreet.com.
Caxton Associates L.P. is a New York-based trading and
investment firm formed as the successor to Caxton Corporation,
which was founded in 1983 by Mr. Bruce Kovner.�Caxton Associates'
primary business is to manage client and proprietary capital
through global macro hedge fund strategies as well as other
alternative investment disciplines. Caxton Associates and its
affiliates currently manage approximately $6 billion in assets.
Caxton employs a staff of approximately�250 people, including
traders, research analysts and administrative personnel in its
offices in New York, Princeton, NJ and London. Caxton Associates is
a Delaware limited partnership and is registered as an Investment
Adviser with the U.S. Securities and Exchange Commission. The firm
is also registered�pursuant to the Commodity Exchange Act, as
amended, as a commodity pool operator and commodity trading advisor
and is a member of the National Futures Association as a CPO and a
CTA.
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