State Street Appointed by LibreMax Capital LLC to Provide Hedge Fund Administration Services
December 15 2010 - 10:10AM
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors, today
announced that it had been selected by LibreMax Capital, LLC to
provide fund administration services for its newly launched hedge
fund.
LibreMax Capital was founded by former Deutsche Bank executives
Fred Brettschneider and Greg Lippmann.
International Fund Services (IFS), State Street’s hedge fund
administration company which is part of its Alternative Investment
Solutions group, provides administration services to the fund which
was launched in October.
“Appointing State Street to provide our new fund with
administration services enables us to focus entirely on achieving
investment results,” said Greg Lippmann, co-founder and chief
investment officer of LibreMax Capital. “State Street’s proven
track record of servicing some of the most complex hedge funds in
the industry made it the clear choice for this assignment.”
“In today’s highly competitive market with increased demand for
transparency, more hedge fund managers are electing to use third
party providers for their administration requirements,” said George
Sullivan, executive vice president of State Street’s Alternative
Investment Solutions group. “State Street has a wealth of
experience servicing a range of hedge funds, and we look forward to
building a productive partnership with LibreMax Capital.”
Driven by increasing demand for third-party administration,
State Street’s Alternative Investment Solutions group has
experienced significant growth in recent years. The broad scope of
the company’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.
Separately, State Street recently took top honors in HFMWeek’s
2010 US Hedge Fund Services Awards. State Street was named “Best
Administrator over $30 Billion in Assets Under Administration –
Overall” in the award competition sponsored by HFMWeek magazine.
The awards recognize excellence and innovation in the hedge fund
servicing industry.
Judges in the 2010 US Hedge Fund Services Awards cited State
Street’s response to industry challenges in 2009 and 2010,
including its development of an advanced OTC valuation capability
to help clients better manage risk. State Street introduced a new
investor transparency tool for clients in response to demand for
enhanced transparency reporting.
State Street also secured honors as European Private Equity Fund
Administrator of the Year in the International Custody and Fund
Administration (ICFA) European awards. The awards recognize,
highlight and reward excellence and specific achievement in many
sectors of the international investment back office.
State Street’s hedge fund services are part of its Alternative
Investment Solutions group. With more than $625 billion in
alternative assets under administration as of September 30, 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 management, investment research and trading
and investment servicing. With $20.2 trillion in assets under
custody and administration and $1.9 trillion in assets under
management at September 30, 2010, State Street operates in 25
countries and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
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