Wed, 14/04/2010 - 06:35
Registered investment adviser Wexford Capital has outsourced fund administration to SS&C Fund Services, an independent fund administrator.
SS&C was selected as the administrator of record for all four of Wexford's hedge funds in August 2009.
The new mandate was a result of Wexford's decision to provide additional transparency into the pricing of their portfolios for their investors.
SS&C independently reviews Wexford's internal accounting records and monthly performance results and verifies Wexford's monthly reconciliations and investment valuations.
SS&C also provides all transfer agency and shareholder services to Wexford's investors.
A client since 1994, Wexford also uses SS&C's portfolio and partnership accounting platform, AdvisorWare, and enterprise reconciliation solution, Recon, for Wexford's in-house accounting processes for its multi-tiered structured funds.
"We are confident that with SS&C as our administrator of record, we will provide a much higher level of transparency into our fund operations," says Jay Maymudes, Wexford partner and chief financial officer. "As we expand our business, we, once again, chose SS&C because of their proven expertise and success in providing both software solutions and fund administration services for alternative investment firms just like ours."
"We are pleased to be trusted by Wexford as their independent administrator," adds Bill Stone, chairman and chief executive officer, SS&C Technologies. "Once the decision was made by Wexford to go with SS&C, we had the administrative services for the first of four funds up and in production within 30 days. We have been in the outsourcing business for more than 15 years and have the expertise to handle the most sophisticated structures and strategies for hedge funds, fund of funds, private equity funds, and managed accounts."
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