Supporting Launch of New Funds for Large Hedge Fund Manager
Northern Trust has been appointed by Modular Asset Management (Singapore) Pte. Ltd. (Modular), a specialist Asian macro alternative investment management company licensed by the Monetary Authority of Singapore, for a new asset servicing mandate.
“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.”
Northern Trust will provide a range of custody, fund administration, middle-office outsourcing, collateral management and risk compliance monitoring services to Modular’s newly launched Cayman Islands domiciled Modular Asian Macro Fund and related entities.
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Modular, which spun out of a large US hedge fund manager in January 2020, is one of Asia’s largest hedge fund launches in recent years. Its founder’s track record has attracted commitments from global institutional investors, which will bring the firm’s assets under management close to US$1 billion. Modular was founded by Jimmy Lim, who ran similar specialist Asian mandates at Millennium, BlueCrest and JPMorgan. Its Modular Asia Macro Master Fund is a specialist, pure-play Asia macro strategy aiming to provide 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: “We’re seeing an increasing trend to middle-office outsourcing in the hedge fund arena, across Asia. 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.”
