Millennium Names Independent Administrator

Jan 7 2009 | 1:01am ET

At least one big hedge fund is offering what might be called a constructive response to the Bernard Madoff scandal: greater transparency.

New York-based Millennium Management has hired GlobeOp Financial Services to serve as an independent administrator for its three hedge funds. GlobeOp will provide independent confirmation of cash and position reconciliation, pricing and valuating, net asset value calculation, financial reporting, and share register and transfer agency services. The new arrangement took effect on New Years Day.

“We are sending a strong signal about our commitment to transparency and the independent validation of Millennium's portfolio positions, asset pricing and expense allocation by appointing GlobeOp as an independent administrator, and by increasing our online investor portfolio reporting,” said Terry Feeney, co-president and chief operating officer of Millennium.

GlobeOp is no stranger to Millennium, having provided valuation, share registry and transfer services to the Millennium International fund for more than two year.

Moves such as Millennium’s may be the closest thing to a silver lining in the suspected $50 billion Ponzi scheme that counts many hedge funds among its victims. But it’s also clear that Millennium saw the writing on the wall: The world’s largest hedge fund allocator, Union Bancaire Privée, announced last month that it would not invest with some hedge funds unless the appointed an independent administrator. Millennium was on the UBP blacklist, alongside fellow industry heavy hitters Caxton Associates, Citadel Investment Group, Cerberus Capital Management, Renaissance Technologies and SAC Capital Advisors.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note