Citco Fund Services Announces New Service for Hedge Fund Clients.Business Editors NEW YORK--(BUSINESS WIRE)--March 26, 2002 Offering Uses Unique Software Platform Developed by Tudor Investment Corporation; Seen as Having Direct Impact on a Fund's Operational Performance Citco Fund Services, the worldwide leader in fund administration services, today announced it will offer a suite of unique technology-based support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services with software developed by Tudor Investment Corporation. This offering can benefit hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" clients substantially by improving operations while reducing administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . Citco currently provides administration services for more than 1,000 hedge funds with assets under administration in excess of $100 billion. The new solution delivers complete technological and operational support to a hedge fund in a seamless, front-to-back environment. It is driven by a proprietary software platform developed by Tudor Investment Corporation, one of the world's leading investment management groups. Tudor has enjoyed a long and successful relationship with Citco and has granted Citco an exclusive license to the software for use in hedge fund administration. William Keunen, Director of Citco Fund Services, said, "This is truly a dramatic evolution in fund administration services. We will now be able to give fund managers desktop access to order-management and risk-management tools that generate real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. information about their funds. The fund manager's trading activities will be linked to Citco's full middle- and back-office support using a single database, which will be used to produce daily P&L results and pricing for complex hedge funds. This unique capability will enable Citco to meet a growing demand for fully-fledged operational support within the hedge fund industry. "For those clients who wish to concentrate on what they do best, namely the active management of investors' money, this offering provides increased capability and scalability. It enables fund managers to outsource the challenges of identifying and implementing their operational and technological requirements, reducing spending on these aspects of the business as a fund grows. "For Citco, this is the next logical step in our tradition of innovation. We believe it will fundamentally change what fund managers expect of their administrators." Citco Fund Services will continue to offer and fully support its current, industry-leading service package for those clients who find it appropriate for their needs. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Keunen, "We take great pride in providing the highest quality services. These are a hallmark hallmark, mark impressed on silverwork or goldwork to signify official approval of the standard of purity of the metal, also called plate mark. The hallmark was introduced by statute in England in 1300 and enforced by the Goldsmiths' Hall, London. of our success and that of our clients. This will not change in the future as we provide a new level of services." "Tudor developed this proprietary software to support scalable and efficient front-to-back trade processing across multiple product types," said Steve Evans Steve Evans is a common name that can refer to different people:
The new services allow fund executives to focus on improved performance by outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. a number of support functions to Citco Fund Services. Along with its role as fund administrator, Citco will also act as Application Service Provider and provide technical support for those clients who choose to take advantage of the new offering. About Citco Fund Services Citco Fund Services is the global leader in a complete range of accounting, administration, shareholder and corporate services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. to hedge funds and collective investment arrangements. The company structures its offerings to truly complement the business objectives of fund managers with large pools of equities, bonds, money market and derivative instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. under management. Citco Fund Services has offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, the Asia-Pacific region and the Caribbean. About Citco Group Limited The Citco Group Limited is an organization of financial service companies with offices throughout the world. In addition to fund administration services, Citco provides fully-fledged banking and custody services to the Hedge Fund industry. |
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