Sands Brothers Asset Management, LLC (SBAM) Selects ADP to Administer Hedge Fund of Funds
Monday June 16, 8:04 am ET
biz.yahoo.com
NEW YORK, June 16 /PRNewswire-FirstCall/ -- ADP/OMR, a division of Automatic Data Processing, Inc.'s (NYSE: ADP), Brokerage Services Group, announced today that Sands Brothers Asset Management (SBAM) has selected ADP/OMR to provide fund administration for its hedge fund of funds.
SBAM, an SEC Registered Investment Advisor, manages four hedge fund of funds and plans to launch several more funds in the near future. To support their anticipated growth, SBAM looked to ADP/OMR to provide fund administration services. As part of the service, SBAM will receive performance reporting, risk measurement with transparency by sector/strategy and fund accounting.
"We are impressed with ADP's technology. Their web-based reporting platform gives us the ability to acquire transparency at different levels," said Martin Sands, co-chairman, SBAM. "We have improved our infrastructure and gained cost savings by outsourcing our fund of funds business to ADP/OMR," he added.
"With the transparency trend sweeping the industry, it was important to develop a system that would support the process," said Clarke Gray, general manager of ADP/OMR. "Our automated system aggregates data received from underlying fund managers and provides our clients with timely, accurate and flexible management reports," continued Gray.
ADP/OMR's Fund Administration Service offers cost-effective, secure, and confidential back-office solutions for the alternative investment community. ADP/OMR provides fund managers with the resources and services needed to focus on their core business of managing money and acquiring new assets. Its services include broker reconciliation, portfolio valuation, daily NAV calculations, and reporting. ADP offers a depth and breadth of products and services that can be customized to meet each fund manager's specific needs. |
