PHILADELPHIA (HedgeWorld.com)–NewMarket Capital Partners changed fund administrators for its fund of funds, hiring BNY Alternative Investment Services to provide an enhanced reporting platform for investors.
NewMarket previously used Fortis Fund Services as its hedge fund administrator after launching its NewMarket Capital Partners Select Fund, a multi-strategy low volatility fund of funds last July. The firm now is planning on growing its assets and staff in line with the expansion of its business .
As of Jan. 1, the firm had US$240 million in assets under management. The switch from Fortis to BNY was the culmination of a six-month search by NewMarket Founding Partner Patricia Young, said Mindy Posoff, chief operating officer at the firm.
“For us they offered a very broad platform that offered enhanced capabilities that we can offer to our clients,” Ms. Posoff said. The technology was an important consideration for the firm and reporting capabilities are crucial to NewMarket’s growing institutional investor client base, according to Ms. Posoff.
NewMarket’s fund is domiciled in the British Virgin Islands, while BNY’s services are provided by The Bank of New York and affiliates in Bermuda, California, Cayman, Dublin, Jersey, London, Luxembourg and New York.