Modular leans on Northern Trust for middle and back-office support

Modular Asset Management (Singapore) Pte named Northern Trust Hedge Fund Services as administrator for its newly launched Cayman Islands-domiciled Modular Asian Macro Fund and related entities. Modular spun out of Millennium in January as one of Asia’s largest hedge fund launches recent years with close to $1 billion in assets under management. Jimmy Lim founded the fund after running similar specialist Asian mandates at Millennium, BlueCrest and JPMorgan. The Modular Asian Macro Master Fund is a pure-play Asia macro strategy aiming to provide uncorrelated absolute returns by investing in liquid foreign exchange and rate markets primarily within the Asia-Pacific region. “We looked at a range of service providers and were impressed by Northern Trust’s technology platform and integrated suite of services which securely support our complex investment strategies, investor liaison and operational needs,” said Matthew Cannon, co-founder of Modular. Northern Trust Hedge Fund Services provides administration and middle office services for alternative fund managers and institutional investors with complex portfolios. Its asset servicing supports a diverse range of asset classes and investment strategies. The team’s middle office capabilities are integrated from the point of trade capture through to investor statements around a single set of books and records, according to the firm. “We’re seeing an increasing trend to middle-office outsourcing in the hedge fund arena, across Asia,” said Ian Carey, head of hedge fund services for Asia-Pacific at Northern Trust. “Northern Trust’s experience and expertise in dealing with sophisticated funds, coupled with our advanced technology platform and Singapore-based fund services capabilities ensure we’re well placed to help Modular achieve its overall objectives.”

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