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.