State Street Selected by Anchorage Advisors, LLC To Provide Hedge Fund Administration Services for $8 Billion in Assets
June 30 2010 - 10:00AM
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors,
announced today that it has been selected to provide a range of
hedge fund administration services for approximately $8 billion in
assets managed by Anchorage Advisors, LLC.
International Fund Services (IFS), State Street’s hedge fund
administration company which is part of its Alternative Investment
Solutions group, will provide administration services such as
accounting and financial reporting services to funds managed by
Anchorage.
“Our selection of IFS is based on their expertise in servicing
the types of credit strategies that form a key focus of our
investment approach,” said Natalie Birrell, chief operating officer
of Anchorage Advisors. “IFS’s technology leadership and reputation
for exceptional client service were also key considerations in our
decision.”
Based in New York, Anchorage Advisors primarily invests in
credit and special situations markets.
“This new mandate reflects the importance that hedge fund
managers place in partnering with service providers that have the
technology infrastructure and expertise to handle their
increasingly complex fund structures,” said Gary Enos, executive
vice president for State Street's Alternative Investments Solutions
group. “We look forward to developing a productive, long-term
relationship with Anchorage Advisors as we help them bring new
efficiencies to their operations.”
The broad scope of IFS’s hedge fund servicing 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 highly experienced team
collaborates with clients around the globe, including many of the
world’s largest hedge funds.
State Street’s hedge fund services are part of its Alternative
Investment Solutions team. With more than $600 billion in
alternative assets under administration as of April 1, 2010, State
Street’s Alternative Investment Solutions group provides a complete
suite of fund accounting, fund administration, corporate
administration, risk and credit services to institutional
investors, hedge fund managers, private equity fund managers and
real estate fund managers. The team includes more than 3,000
employees worldwide.
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management, and
investment research and trading. With $19 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at March 31, 2010, State Street operates in 25 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street at www.statestreet.com.
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