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Fund specialists set Privium to provide support to wave of new funds starting up this year

Wednesday, March 09, 2011
Opalesque Industry Update - Privium Fund Management (UK) Limited (formerly known as Asia Alternative Asset Partners Limited) started its activities in London. Internationally experienced industry veterans Paul Smith, Clayton Heijman and Nick Paris have started a new business venture to support the launch of the various new fund management operations that are anticipated in the financial industry this year.

Providing a one-stop solution for every new fund manager, Privium has the experience and expertise to contribute in making these funds a success. Services offered are: asset management, middle and back office administration, marketing, office infrastructure and support.

New fund management teams spinning out of trading organizations, banks or traditional fund management groups are often confronted by numerous tasks: Fund structuring, Regulatory applications, Asset raising, Operational infrastructure, Broker selection, etc. All these have to take place in a short period of time while the investment strategy has to be refined as well.

Too often the start-up plans are held back by unnecessary delays because of enormous mountains of work. Privium will be the answer to a rapid and solid start up of their fund management activities. It allows the new fund manager to focus on his or her core competence of managing money for investors.

Paul Smith and Clayton Heijman have known each other for decades. Paul was in charge of the alternative fund administration activities of the Bank of Bermuda and later at HSBC, whilst Clayton worked on the development of the European prime brokerage and equity finance divisions at Goldman Sachs and established MeesPierson-Fortis’ hedge funds services. In those days they were rivals in building businesses in the funds management world. After setting up Hedge Fund coverage at Credit Agricole, Clayton successfully founded Darwin Platform in 2008 (www.darwinplatform.com ).

Nick Paris has many years of experience in the funds industry marketing funds to institutional investors. Whilst enjoying a long career at Peregrine, Barings, CLSA and lately worked at his own marketing firm, Purbeck Advisers Limited in London. He and Paul Smith have known each other for over 15 years. Nick is a non executive director of Privium Fund Management.
With all these years of experience they know what support is needed by new funds. They have helped to set up and start many new funds over the years.

“The infrastructure that we put together is a combination of top-quality systems together with fund structures in Luxembourg, Netherlands, Cayman, etc. This means that a new manager can set up in a record time. New managers can benefit from our expertise ranging from capital introduction to providing office space” according to Clayton Heijman. “Our set-up is ideal for managers that want to set up their fund on a solid foundation allowing for growth. We are the architects that help to build a masterpiece.”
“Potential investors nowadays require an institutional infrastructure from the start. Together with an increasing regulatory burden and a growing list of demands the hurdles to entry have never been greater. We have brought our experiences together to create the solution for new teams joining this industry” according to Paul Smith.

Nick Paris: “It is an exciting time to be creating an institutional platform as this is exactly what professional investors want nowadays. In the current climate with so much talent coming to the market, investors are keen to invest only if the set-up is solid.”

The start of the year has seen an increase of new funds starting up across the various types and investment strategies. With the announced new regulations on banking and the guidelines for remuneration there are various successful teams that are weighing different options.

Heijman: “There are clear signs that this year lots of new firms will be opening up. As a result the investment management industry is moving back from large conglomerates towards specialized boutiques. Privium is clearly well placed to support this trend.”
(press release)

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