NEW YORK (HedgeWorld.com)–In a strategic move that highlights a growing competitiveness in the hedge fund administration industry, Citco is offering a new suite of services to fund clients via a technology platform developed in conjunction with the Greenwich, Conn.-based money management giant Tudor Investment Corp.
"The idea was to bring hedge fund administration to the next level," said William Keunen, director of Citco Fund Services. "We wanted to offer hedge fund managers services with a more integrated approach. In addition to the more traditional administration services, we'll be offering a package that allows wider mid- and back-office support."
The platform is the outgrowth of a technological infrastructure built by Tudor, which Citco provides administration and back-office services for, according to Mr. Keunen.
Citco has been licensed as the exclusive distributor of the software developed by Tudor to provide back-office support to hedge funds.
"What this reflects is really an evolutionary change in the administration business," Mr. Keunen said. "By integrating different administration functions under a single umbrella, what you are doing is allowing fund managers a lot more operational efficiency. In addition to order entry and those types of functionalities, under this model you can include risk management tools and the like."
The Citco Tudor software allows fund managers to track vital information in real time, integrated with the administrator's database.
And operational efficiency is on the minds of many hedge fund managers these days considering that money is flooding into the industry at a rapid rate, which means the opportunities and administrative burdens are growing simultaneously for managers of alternative investment vehicles.
