Opus Fund Services – Best Offshore Hedge Fund Administrator
Multiple award-winning hedge fund administrator Opus Fund Services was established in Bermuda in 2006, subsequently expanding its footprint into the US with offices in Chicago (2008), San Francisco (2009), New York (2013) and most recently Portland, OR (2014). Opus serves over 150 fund managers and 250 funds with a combined AuM of USD 8.3bn.
With investors being increasingly forensic in how they assess fund managers, their respective administrators need to employ more sophisticated technology solutions to support middle and back-office operations. In that regard, Opus is no different. The ONE Dashboard provides clients with full transparency with a “you see what we see concept”.
This, says Jorge Hendrickson (pictured), Director of Sales and Business Development who heads up the New York office, has helped Opus evolve in tandem with industry trends facilitating sophisticated fund reporting demands of its clients.
“The ONE Dashboard allows our clients and their investors to pull down data, and at the same time, enables us to provide reporting to fit custom requirements. The way our portal technology has been engineered, allows us to be extremely flexible. As new asset classes and strategies emerge – for example, peer-to-peer lending, our technology allows us to adapt accordingly, as opposed to having a ‘one size fits all’ approach.”
To illustrate the quality of its technology environment, on 16th January 2014 Opus successfully completed its SSAE 16 examination, conducted by a leading auditing firm, which yet again, found no exceptions of stated controls within the Opus environment.
There are, says Hendrickson, four major components that contribute to the success at Opus: reputation, high quality technology, sensible pricing and day-to-day value addedservices.
This can be illustrated by the ONE price model that Opus uses with clients. Unlike the traditional model of charging a minimum fee plus basis points, Opus seeks to understand the cost drivers of each fund it works with.
“We provide pricing based on our determination of the work required to administrate and service the client effectively. Being sensitive to current and projected AUM, we work to find a cost point for the manager that makes sense, and reflects the simplicity or complexity of servicing the fund. We’re not reinventing the wheel. We’re just trying to fully understand our clients’ actual needs.
“Clients see that we have a true understanding of where their business is today and how we will adapt our offering as they grow. This gives them comfort that we are a long-term partner. Our service is flexible and can quickly evolve as their needs change,” says Hendrickson.
This has paid dividends for the firm, with Hendrickson confirming that in particular New York and San Francisco, Opus continues to capture a healthy percentage of the new launch market, and established funds looking for a new partner. The recent opening of the Portland, OR office, primarily operations focused to ensure available resources and capacity, is a reflection of this growth.
On winning the Hedgeweek award this year, Hendrickson comments “We appreciate the recognition and are proud of what continues to be accomplished at Opus. Our primary focus is to understand and fulfil the needs of our clients, whilst building strong industry relationships. We recognise the fund administration landscape is constantly evolving, and are pleased with how we are strategically positioned.”
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