West Palm Beach (HedgeCo.net) – Millennium Management LLC, a global multi-strategy investment management firm with over $11 billion in assets under management, has outsourced fund administration to hedge fund manager GlobeOp Financial Services.
GlobeOp became administrator of record for all three Millennium funds on January 1, 2009 (Millennium USA, LP, Millennium International, Ltd., and Millennium Global Estate, LP).
“We are sending a strong signal about our commitment to transparency and the independent validation of Millennium’s portfolio positions, asset pricing and expense allocation by appointing GlobeOp as an independent administrator, and by increasing our online investor portfolio reporting,” said Terry Feeney, co-president and chief operating officer of Millennium. “This is also consistent with our strategy of enabling our fund investment professionals to concentrate their energies on what they do best – managing portfolios – supported by the trading, operational, technology and risk management infrastructure which is essential in this industry. The quality of the services GlobeOp has provided since 2006 was key to our appointing them as our independent administrator.”
“We welcome this opportunity to strengthen our relationship with Millennium by providing independent fund administration services,” said Vernon Barback, GlobeOp president and chief operating officer. “We will quickly demonstrate to Millennium’s investors the value of our robust and scalable technology platform, 24/5 global support network, and process controls affirmed by SAS 70 Type ll certification.
Established in 2000, GlobeOp serves more than 180 clients worldwide, representing $95billion in assets under administration. As an independent financial technology specialist, GlobeOp provides automated, integrated middle and back-office administration to hedge funds and asset management firms—including banks, insurance companies, mutual & pension funds and proprietary traders.
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