Weinstein’s Saba Capital appoints Throgmorton to provide back office services
Saba Capital Management, the USD4.7 billion hedge fund set-up by credit derivatives trader Boaz Weinstein, has appointed Throgmorton to provide a full-range of back-office services for its new UK operations. Saba Capital set up its UK entities in June, and is currently awaiting FSA registration.
Throgmorton, one of the UK’s largest independent back office service providers to the hedge fund, private equity and corporate finance industries, will supply Saba Capital’s UK companies with accounting, VAT, company secretarial, human resources and health and safety services.
The Saba Capital UK branch has been launched as a research centre and sub advisor to the US limited partnership, and will be headed up by former Deutsche Bank Head of Leveraged Finance Trading - Prakash Narayanan. The UK office will commence business in the first quarter of 2012.
Carl Casler, Chief Financial Officer of Saba Capital, says: “We are excited by the imminent launch of our new offices in London, which not only broadens our global reach but also gives us a base for our European research.”
“We are constantly looking at ways to improve and streamline our operations and appointing Throgmorton is one way to help us achieve this. The benefits they offer increase our in-house resources, while proving to be a cost-effective alternative to running some of the back office functions ourselves.”
Andrew Rubio, CEO at Throgmorton, says: “We are delighted to bring on board one of the most talked about start-ups in the industry. London remains at the centre of European hedge fund activity, in terms distribution, networks and related support services.”
“We are seeing a resurgence in US managers choosing to set up London satellite offices as they look to expand their footprint and access wider markets. Those doing so are increasingly using the outsourcing model to leverage off a broader and deeper resource base whilst enhancing their own risk controls.”
Throgmorton, with offices in London, Reading and New York, supplies business, financial and administrative outsourcing to over 300 corporate and personal clients. The firm provides its clients with accounting, bookkeeping, tax advisory, company secretarial and human resources services. The company has also built up an expertise in helping US alternative investment managers set-up in the UK.
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