Fund of hedge funds provider Nedgroup Investments has appointed Fortis Prime Fund Solutions’ Isle of Man office as the administrator for all of its funds, including the Nedgroup Investment
Fund of hedge funds provider Nedgroup Investments has appointed Fortis Prime Fund Solutions’ Isle of Man office as the administrator for all of its funds, including the Nedgroup Investments Premium Portfolio launched in February.
The new fund, which is aimed at institutional investors, is Nedgroup Investments’ second fund of hedge funds and follows the success of its Target Return Fund, which seeks to achieve an annual return of 3 to 5 per cent above US dollar Libor.
Nedgroup Investments’ other funds include three hybrid funds made up of a mix of long-only and hedge strategies, a low-volatility Guarded Fund, a higher capital growth Accelerated Fund and a Diversified Fund, which aims to limit risk through a diverse portfolio of assets based on a balanced-type mandate.
Together with the long-only Absolute Growth Fund, Absolute Balanced Fund and International Bond Fund, Nedgroup Investment has a total of USD930m in assets under management.
‘Fortis has an outstanding track record of managing scalability, which aligns with our business growth plans,’ says Nedgroup Investments chief executive Andrew Lodge. ‘The transition of our fund administration services to Fortis will support our future business growth as we look to develop more technical products across a broader range of asset classes while maintaining tight operational controls, due diligence and best execution.
‘The Fortis team demonstrate an aligned commitment to high fund administration standards. As we move from a bull to a bear market cycle, the ability for the back and middle office to provide timely and accurate fund admin services across an evolving range of asset classes is going to be paramount.’
Kevin Doyle, managing director of Fortis Prime Fund Solutions (IOM), says: ‘We are delighted to be awarded this mandate from Nedgroup Investments and look forward to working with them to grow their business and support innovative new fund concepts, such as Premium Portfolio.’ Fortis will provide Nedgroup with NAV calculation, asset dealing, fund accounting and corporate secretarial services.
Nedgroup Investments offers a range of risk-controlled fund of funds investment solutions to private and institutional investors, creating customised portfolios to meet clients’ specific investment objectives and risk profiles.
Prime Fund Solutions, part of Fortis Merchant Banking, offers alternative investment managers a package of integrated products including fund administration
