
Citco Fund Services founder sets up new hedge fund administrator
His track record at Citco is impressive. He built up Citico’s fund administration arm from 90 staff to 700 during his 16 years with the company. During this time he has built up strong relationships with leading law firms, hedge fund investors and technology providers.
A number of trade publications have reported that hedge funds typically take between six months to a year to become operational, a process that costs around £500,000. A number of these hedge funds fail due to their inability to gain sufficient funding. Stock believes Tennyson could cut the start-up time to three months, through its use of widely respected lawyers such as Martin Cornish and MW Cornish & Co, and reduce set-up costs to £150,000. Tennyson will also provide office space with full front- to back-office connections and support, plus consulting advice to hedge fund start-ups, should they opt for such services.
Tennyson will also offer a capital sourcing service and a 25% capacity option for capital raising from pledge partners. Typically most incubators require a 50% share.
Stocks, the majority partner and chief executive of Tennyson, told RiskNews that the firm plans to help set up six hedge funds this year.
Tennyson’s office outsourcing facilities are based at 25 St James’ Square in the West End of London. Its other two partners are Mike Wellings, who has 17 years of institutional sales experience, and Simon Harman, who most recently headed OTC derivatives, listed derivatives and cash equities at Fimat International Banque.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Foreign exchange
Stemming the tide of rising FX settlement risk
As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market
Power-reverse to the future: falling yen revs up PRDCs again
Pressure on Japanese unit sparks revival in power-reverse dual currency notes
Credit Suisse and Commerz latest banks to ditch hold times
Mizuho also confirms zero last look add-on but MUFG’s policy unclear on the controversial FX practice
Has Covid stopped the clocks on FX timestamp efforts?
Budget reallocation may not be the only factor stalling standardisation progress, say participants
EU benchmark drama set for cliffhanger end
Access to key FX rates due to be decided six months before potential cut-off
Banks rent ready-made algos for FX trading
NatWest, XTX Markets and others develop new outsourcing model for tech
Who killed FX volatility?
Beyond central bank policy, traders see a range of hidden structural factors at work
Harnessing the benefits of more automated fx trade lifecycle operations
FX markets are unique not only in their scale but also in their complexity. There are multiple trading paradigms, and also multiple venues where trades may be executed. The FX ecosystem is highly fragmented and the case for more automation – more…