Wednesday, 17 December 2014
Last updated 8 hours ago
Jun 7 2011 | 1:31pm ET
Hedge fund administrator Apex Fund Services has won $30 million in venture capital funding to assist with its expansion.
The firm, which will debut in Australia next month, will use the money from FTV Capital to push into servicing smaller hedge funds. The venture firm told Financial News that larger administrators were ignoring smaller funds, and smaller administrators were battered by the financial crisis.
"The big guys tend to be bureaucratic and oriented towards large institutional clients," FTV's Brad Bernstein said. "We believe there is a big opportunity to serve smaller firms who are not well-served by these large admin. firms."
FTV's money will fund both acquisitions and global growth plans, FN reports. Bernstein has joined Apex's board of directors.
"In addition, these large firms are in other businesses such as prime brokerage create conflicts and biases," Bernstein added. "As an independent, we have none of these issues."
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.