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Opalesque Industry Update - MainstreamBPO Limited has announced the opening of a New York office for its hedge fund administration business. The New York office is the Group’s first office in the Northern Hemisphere, adding to the existing network of offices in Australia, Singapore, and Hong Kong. MainstreamBPO Chairman and Managing Director Byram Johnston OAM, who will oversee the new operations, said that a North American presence is the next phase in the Group’s execution of its client growth strategy. “After the success of our offices in Asia we have been evaluating international markets to further expand our hedge fund administration business. Opening an office in New York is an obvious next step for us given the US hedge fund market is the largest market in the world and accounts for more than half of global hedge fund assets. We anticipate we will be in the top 20 ranking of fund administrators in North America based on the funds we currently have under administration.” said Mr Johnston. The new office space, situated on Madison Avenue, Manhattan, will serve as a business development office for the Group’s North American and potentially Caribbean fund administration business. “We are positive on the growth outlook for hedge funds in North America in terms of assets under management. It is important for us to expand our presence and cement relationships with local onshore managers as well as partner with existing clients looking to establish US based inflows.” Mr Johnston said. The Group continues to evaluate acquisition opportunities in North America and other established fund administration markets to further support its growth strategy. |
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