Key Takeaways
- • Northern Trust won an asset servicing mandate from Modular Asset Management, a Singapore-based Asian macro alternative investment manager licensed by the Monetary Authority of Singapore.
- • Northern Trust will provide collateral management, custody, fund administration, middle-office outsourcing, and risk compliance monitoring for the newly launched Cayman Islands-domiciled Modular Asian Macro Fund and related entities.
- • Modular spun out of a large US hedge fund manager in January 2020 and, according to Northern Trust, is one of Asia's largest hedge fund launches in recent years, with assets under management expected to approach US$1 billion.
- • Co-founder Jimmy Lim, previously of Millennium, BlueCrest and J.P. Morgan, has attracted commitments from global institutional investors.
- • Northern Trust cites a growing trend toward middle-office outsourcing among Asian hedge funds.
Summary
Northern Trust has gained a new asset servicing mandate from Modular Asset Management, a Singapore-based specialist Asian macro alternative investment manager licensed by the Monetary Authority of Singapore. Under the agreement, Northern Trust will provide a range of collateral management, custody, fund administration, middle-office outsourcing, and risk compliance monitoring services to Modular's newly launched Cayman Islands-domiciled Modular Asian Macro Fund and related entities.
Modular spun out of a large US hedge fund manager in January 2020. According to Northern Trust, it is one of Asia's largest hedge fund launches in recent years. The bank says the track record of co-founder Jimmy Lim has attracted commitments from global institutional investors, which will bring the firm's assets under management close to US$1 billion. Lim previously ran similar specialist Asian mandates at Millennium, BlueCrest and J.P. Morgan.
The Modular Asia Macro Master Fund is a pure-play Asia macro strategy that aims to deliver stable, uncorrelated absolute returns by investing in liquid foreign exchange and rates markets primarily within the Asia-Pacific region.
Iain Carey, head of hedge fund services, Asia-Pacific at Northern Trust, said the firm is seeing an increasing trend toward middle-office outsourcing in the hedge fund arena across Asia, and that Northern Trust's experience with sophisticated funds, advanced technology platform and Singapore-based fund services capabilities position it well to help Modular meet its objectives. Modular co-founder Matthew Cannon said the firm evaluated a range of service providers and was impressed by Northern Trust's technology platform and integrated suite of services, which he said support its complex investment strategies, investor liaison and operational needs.
Modular spun out of a large US hedge fund manager in January 2020. According to Northern Trust, it is one of Asia's largest hedge fund launches in recent years. The bank says the track record of co-founder Jimmy Lim has attracted commitments from global institutional investors, which will bring the firm's assets under management close to US$1 billion. Lim previously ran similar specialist Asian mandates at Millennium, BlueCrest and J.P. Morgan.
The Modular Asia Macro Master Fund is a pure-play Asia macro strategy that aims to deliver stable, uncorrelated absolute returns by investing in liquid foreign exchange and rates markets primarily within the Asia-Pacific region.
Iain Carey, head of hedge fund services, Asia-Pacific at Northern Trust, said the firm is seeing an increasing trend toward middle-office outsourcing in the hedge fund arena across Asia, and that Northern Trust's experience with sophisticated funds, advanced technology platform and Singapore-based fund services capabilities position it well to help Modular meet its objectives. Modular co-founder Matthew Cannon said the firm evaluated a range of service providers and was impressed by Northern Trust's technology platform and integrated suite of services, which he said support its complex investment strategies, investor liaison and operational needs.
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