Hedge fund administrator OpHedge Investment Services has hired Phil Sileno as chief financial officer. The announcement comes the same day that hedge fund technology provider Paladyne Systems released a paper saying that hedge funds are increasingly outsourcing their operations, which is creating rich opportunities for service providers.

Prior to joining OpHedge, Sileno spent 16 years at JP Morgan Chase, most recently as vice president of planning and analysis for JP Morgan’s asset and wealth management business. 

OpHedge’s Chief Executive Officer, Tom Chang, remarked that “[Sileno’s] extensive financial management and business planning experience will be a great addition to OpHedge given our increasingly recognized status as a premier provider of middle and back office operations and fund accounting services to the hedge fund industry.”