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19 Jun 2007

UK Hedge Fund Puts $91 Million In US' Northern Trust

UK fund of hedge funds Gottex Market Neutral Trust Limited has announced that Chicago based multi-bank Northern Trust has been selected to provide custody and fund administration services to £45.35 million pounds Sterling (approximately $91 million).

The Guernsey registered fund of hedge funds is a closed-ended investment company trading on the London Stock Exchange. It has a global focus and seeks to achieve its investment objective through investing in underlying, independently market neutral hedge funds.

Sue Baines, Global Fund Services sales manager at Northern Trust said, "We're delighted to be working with Gottex Fund Management as we continue to grow our alternative fund administration business. This is the first listed fund to be established under the recently introduced Guernsey registered closed-ended investment fund regime that enables regulatory consent to be granted within 72 hours of the application being submitted."

Northern Trust has a growing network of 84 offices in 18 U.S. states and has international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of March 31, 2007, Northern Trust had assets under custody of $3.8 trillion, and assets under investment management of $756 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining high-touch service and expertise with innovative products and technology.

Founded in 1992, Gottex is a global investment management group specializing in absolute return strategies. With funds under management of approximately $11 billion, Gottex offers nine co mingled fund of hedge funds products and a variety of managed account solutions and specializes in conservative and market neutral strategies. Headquartered in Lausanne, Switzerland Gottex has offices in London, New York, Boston and Hong Kong, and affiliate offices in Sydney and Montevideo.

Reuters Launches Risk Management Interface For Hedge Funds

Reuters has announced the launch of a new risk management solution for the hedge fund industry. According to the press release, "Risk management is now vital to hedge funds as they trade an ever broader set of structured instruments across all asset classes."

JRisk On Demand can be accessed globally via a standard web-browser interface allowing users to view detailed intra-day risk measures as well as profit and loss and position information.

Andrew White, Global Head of Reuters Trade and Risk Management said, “JRisk On Demand marks a major milestone by providing tailored risk management to the hedge fund industry. We are meeting the demand for real-time, cross asset risk management coupled with the reliability synonymous with Reuters. As a hosted solution it makes state of the art risk management an easy and immediate reality for hedge funds.”

Reuters has 16,900 staff in 94 countries, including 2,400 editorial staff in 196 bureaus serving 131 countries. In 2006, Reuters revenues were £2.6 billion ($5.1 billion). Reuters acquired Palo Alto based Application Networks in June 2006 in order to benefit from state-of-the-art technology and experience in managing structured products and credit derivatives.

Reuters JRisk On Demand will be showcased on the Reuters stand at GAIM in Monaco 18th-20th June.