Mon, 18/07/2005 - 07:07
Custom House and Investment Data Services have teamed up to provide administration support to domestic and offshore South African hedge funds.
Under the agreement, Cape Town-based third party administrator IDS, through its IDS Alternate Fund Services subsidiary, will receive technical support and training on the PAXUS system from Dublin-based Custom House to provide enhanced accounting and valuation services for IDS's South African clients. In return, Custom House will work with IDS's clients wishing to set-up funds outside of South Africa.
Dermot Butler, Chairman of Custom House, said: "Hedge fund managers looking to be serviced from Dublin are competing with larger funds for administration services," said Dermot Butler, chairman of Custom House. "The joint venture with IDS enables Custom House to offer a solution by ensuring that funds are serviced through Dublin. We are finding a high demand for outsourced administration services among small-and medium-sized hedge funds."
Ian Hamilton, CEO of IDS, said: "IDS will continue to be the only independent hedge fund administrator in South Africa whilst also providing support structure and ancillary services to the hedge fund accounting and valuation services offered by Custom House. Similarly, South African-based funds looking to expand internationally will have access to the best practices, experience and expertise of Custom House."
The announcement comes on the heels of Custom House announcing expansion into the Middle East with the hiring of Thomas Kelly, and into the US with a new presence in Chicago.
Background notes: Custom House Administration & Corporate Services Limited was established in Dublin in 1989 and is currently administers circa USD 14 billion for some 187 funds for more than 75 investment management clients. Custom House is the only hedge fund administrator to be awarded a "Management Quality" rating from Moody's. Custom House also offers a "turnkey package to clients setting up offshore funds.
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