Wednesday, 22 March 2017
Last updated 51 min 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."