Caledonian Global Fund Services has opened a new operations centre in Orlando, Florida to add to its existing facilities providing hedge fund services in Chicago, the Cayman Islands and th
Caledonian Global Fund Services has opened a new operations centre in Orlando, Florida to add to its existing facilities providing hedge fund services in Chicago, the Cayman Islands and the Isle of Man.
The facility represents the latest demonstration of Caledonian’s commitment to providing service excellence to its clients, according to chief executive David Walker. ‘This is an important step as our business expands and the needs of our clients and the hedge fund industry continue to grow and evolve,’ he says.
‘We will gain efficiencies and streamline operations in our Chicago, Cayman Islands and Isle of Man offices, and will provide the group with the scalability and robust infrastructure required for future growth and development.’
The 5,000-square foot office will provide centralised infrastructure for the group including post trade capture, reconciliations, valuations, fund accounting and IT support. The operations centre will be staffed with an initial team of 25 reporting to Kate Joseph, who has more than 20 years’ experience in the hedge fund industry.
Joseph was most recently senior project manager and then training manager at Citco in New York, having previously been director of operations and then director of business integration at New York-based hedge fund manager Caxton Associates. The head of market data, head of IT, head of fund accounting and the head of reconciliation and trade processing will report to Joseph who in turn reports to the Caledonian board of directors.
Ali Mudeen, director and global head of marketing for Caledonian Global Fund Services says: ‘The new office crystallises Caledonian’s commitment to provide institutional service and support to its entire customer base by establishing centralised infrastructure, operations and support teams.’
Orlando was selected as the site for the office due to its accessibility to other group offices, its location in central Florida and its association with the University of Central Florida, the sixth largest university in the United States.
‘Orlando is one of the fastest-growing cities in the US, and we expect the Orlando office to meet our expansion needs for many years,’ Mudeen says. ‘In addition, we are actively evaluating the possibility of a service centre in the Asia-Pacific region as well as other strategic ventures.’
Caledonian Global Fund Services, which also has a marketing office in New York, administers more than USD15bn in assets and offers a fully outsourced automated front to back office solution for long/short equity, arbitrage strategies, event-driven, fixed income, multistrategy (including bank debt, credit default swaps and derivatives) hedge funds, private equity funds and fund of funds.
Caledonian’s services include back-office accounting, including mark to market pricing, cash and position reconciliation, management and incentive fee calculations and income and expense accruals, web based investor reporting, US tax reporting and anti-money laundering compliance.