Putnam invests $6.5 million in fund administrators
Derivatives Portfolio Management (DPM), a New Jersey-based fund administration outsourcing company, will receive a $6.5 million investment from Canadian investment bank Putnam Lovell NBF.
DPM provides middle-office, back-office and risk administration services to alternative investment companies. It said it has increased its assets under administration by 80% in 2003, exceeding $18 billion. It serves approximately 70 clients and 300 individual funds, with operations in six countries.
In December 2002, Putnam forecast that hedge fund assets would increase to $2 trillion by 2010. The move is part of the firm’s effort to provide institutional investors with high-quality hedge fund-related products and services, Putnam said.
“We will be more than merely an investor. Our goal is a strategic partnership between two industry-leading companies,” said Kym Anthony, chairman of Putnam.
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