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Spectrum pulls out of India to focus on US-based fund servicing

Spectrum Global Fund Administration, one of the pioneers in carrying out elements of hedge fund administration in low-cost jurisdictions such as India, has decided to reverse tack, closing its office in Bangalore by the end of this year and transferring its work to operations at its headquarters in Chicago and in Columbus, Ohio.

At one point Spectrum had around 150 employees in Bangalore, but numbers have already been reduced to fewer than 100. Meanwhile the firm has been building up capacity at its US offices, where it currently has a total of more than 130 staff. Some of the staff in India have been offered oppositions in the US offices.

The administrator attributes the decision to reverse its strategy of carrying out operations in India to cost pressures as the local currency appreciates against the US dollar, and problems in finding necessary skills as increasing demand for services from international businesses boosts competition for staff.

Spectrum also says that a shift to US operations makes increasing sense as the requirements of the funds it deals with become more complex and require more sophisticated skills that are more easily found in the US. The firm says its decision was backed by clients who sought closer relationships with the staff that administer their funds.

The firm has also announced the appointment of Diane Cassidy as a director responsible for sales and marketing based in New York. She was previously head of global sales and marketing at LaCrosse Global Fund Services, following a spell as senior vice-president and head of sales and client development at DPM Mellon.

Spectrum, which has some 110 hedge fund and fund of hedge funds clients and USD33bn in assets under administration, also has offices in San Francisco, New York, the Cayman Islands and London.

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