NorthStar Financial Services Group has launched a hedge fund administration unit, Gemini Hedge Fund Services, as a new subsidiary.
Gemini Hedge is a provider of customised and adaptable solutions for hedge fund managers, assisting with middle- and back-office duties, financial reporting and investor services.
The business also offers high tech, high touch services for managers requiring frequent liquidity and enhanced reporting capabilities as well as access to distribution channels to help launch and distribute hedge funds.
"Gemini and NorthStar are leveraging best-of-breed technology and 30 years of experience bringing pooled investment vehicles to market to help hedge fund managers navigate an ever-changing landscape," says Andrew Rogers, chief executive officer of Gemini. "With more and more hedge funds adopting mutual fund administration, reporting and accounting standards, our dedicated team is well-positioned to assist hedge fund managers as they adjust to new regulations and investor expectations."
David Young, a 24-year veteran of the financial services industry with extensive hedge fund experience, serves as president of Gemini Hedge. For eight years, Young was responsible for creating, implementing and overseeing the operations and service offering of Spectrum Global Fund Administration. From 1998 to 2002, he served as chief operations officer of Chicago-based hedge fund Midland Trading, which used an options market-making strategy.
"Gemini's team members are dedicated experts with years of experience, making them ideal partners to guide hedge fund managers as they adjust to this continually shifting market environment," says Young. "Hedge fund managers can now take advantage of the same daily administration services that their mutual fund counterparts have used to launch their investment vehicles and grow their assets."