Jack McDonald has been promoted from executive vice-president to president and chief executive of Conifer Securities, a San Francisco-based provider of administration and other services to hedge fund managers, succeeding founder Phil Stapleton, who becomes chairman.

McDonald, who joined the firm in 2005, will manage all aspects of the firm's operations and continue to develop its infrastructure in anticipation of further growth. Conifer recently announced the opening of an outsourced trading desk facility in New York and has just reported that it has passed USD5bn in assets under administration.

Stapleton, who the firm says will remain deeply involved in the business and focus primarily on expansion plans, says: 'Jack has the respect and support of everyone at Conifer and I am confident that he will successfully lead the firm forward.'

McDonald says: 'I am honoured to be leading our organisation at such an exciting time in our evolution. We enjoyed solid growth in 2007 and I am looking forward to our prospects in 2008 and beyond.

'Given the dynamic and demanding marketplace we serve, we see tremendous opportunity to provide valuable, client-focused solutions to our partners. We are particularly bullish on our administration and trading functions and will continue to allocate resources to these efforts.'

Established in 1989 and with offices in New York, Boston and the British Virgin Islands as well as San Francisco, Conifer Securities offers middle- and back-office services to its clients including global fund accounting and administration, trade operations, execution, executive office space, compliance, corporate accounting, consulting services and business infrastructure.


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