Caxton Associates is the latest hedge fund to bow to growing pressure on the industry to submit to independent valuation.

The New York-based hedge fund has hired State Street Corp. to administer some $6 billion in assets it manages, State Street said yesterday. The firm’s International Fund Services will provide accounting, administration, tax and risk services to five Caxton hedge fund.

“This new mandate is representative of a fundamental shift underway in the hedge fund industry, as more managers seek to outsource administrative services in a highly competitive environment in which hedge funds are increasingly subject to intense investor scrutiny,” said Jack Klinck, global head of State Street’s alternative investment solutions team.

John Forbes, Caxton’s chief operating officer, said his firm picked State Street because of “their long and significant experience servicing highly-sophisticated and complex hedge funds.”