Northern Trust Hedge Fund
BEIJING–Northern Trust (Nasdaq: NTRS) announced today that its hedge fund administration business will provide local market expertise and solutions to hedge fund clients as they participate in the Shanghai Qualified Domestic Limited Partner (QDLP) program. This specialist fund administration capability will be offered from Northern Trust’s Beijing office.
“We are pleased to expand our award-winning hedge fund administration capabilities in support of this pilot program from our Beijing office.”
The Shanghai QDLP program allows foreign hedge fund managers to raise funds onshore and invest them abroad. This will contribute to the growing hedge fund industry in China, paving the way for an established alternatives industry in the country.
“Asia is an attractive market for foreign hedge funds which are attracted by the region’s large pools of capital held by institutional investors,” said Peter Sanchez, head of Northern Trust Hedge Fund Services. “Through our proven expertise in hedge fund administration and market leading technologies, we are now able to support our hedge fund clients looking to take advantage of the new possibilities for investment offered by the Shanghai QDLP program.”
Northern Trust Hedge Fund Services provides unique solutions to the alternatives industry through its ability to streamline the interactions between all parties involved and improve efficiencies between administrators, custodians, fund managers, asset owners and fund raisers. Capabilities include comprehensive middle office and administration services, specializing in trade processing, valuation, real-time reporting, cash management, accounting, collateral management and investor servicing.
“The Shanghai QDLP program marks the first time any foreign financial institution is permitted to raise capital from domestic investors in China and invest these proceeds offshore and will offer attractive opportunities to international hedge funds and domestic players alike,” said Michael Wu, country manager for Northern Trust in Beijing. “We are pleased to expand our award-winning hedge fund administration capabilities in support of this pilot program from our Beijing office.”
Northern Trust has a network of seven offices across Asia-Pacific. Its Beijing office received approval from the China Banking Regulatory Commission in August 2010, followed by an official opening later that year. Earlier this year, Northern Trust announced that for the third consecutive year, Asia Asset Management had recognized it for “Best Client Servicing in Asia-Pacific,” citing its commitment to personalized client service, integrated business intelligence, product innovation and customizable capabilities.