Asset Management

11:49 AM
Leslie Kramer
Leslie Kramer
News
Connect Directly
RSS
E-Mail
50%
50%

Millennium Outsources Fund Administration Across All Funds to GlobeOp

New mandate expands upon valuation, share registry and transfer services.

Millennium Management, a global multi-strategy investment management firm with over $11 billion in assets under management (AUM), has outsourced fund administration to GlobeOp Financial Services, an independent provider of business process outsourcing, financial technology services and analytics to the buy-side. GlobeOp became the administrator of record for all three Millennium funds on January 1, 2009. The new mandate expands upon valuation, share registry and transfer services GlobeOp has provided since 2006 to the Millennium International fund.

GlobeOp is providing Millennium USA, LP, Millennium International, and Millennium Global Estate, LP with independent confirmation of cash and position reconciliation, pricing and valuation, net asset value (NAV) production, financial reporting, and share register and transfer agency services. "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, in a press release. "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," he added.

"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, in the press release. "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. We also expect increased investor and institutional scrutiny of fund administration practices across the industry, which will encourage other large, well-established funds to follow Millennium's example of appointing an independent administrator," he added.

Comment  | 
Print  | 
More Insights
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - July 2014
In addition to regular audits, the SEC will start to scrutinize the cyber-security preparedness of market participants.
Video
Top Quotes of the Week
Top Quotes of the Week
It wasn't all bad luck for the capital markets this week: Hedge funds had a decent first quarter despite a slowdown in jobs numbers, BlackRock might be heading into new territory as hedge fund managers take a hard look at their counterparties, and the head of the IMF didn't pull any punches when assessing today's global economy. At least we can admire the nice weather and some of the best quotes of the week.