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10.18.2007
Spectrum Closes
Shop in India, Adds U.S. Hire
By Maggie Shea, Financial Correspondent
- HedgeWorld | Thursday, October 18, 2007
CHICAGO (HedgeWorld.com)—Spectrum Global Fund Administration is closing
its offices in India, citing issues such as rising costs and difficulty finding
skilled staff. The middle- and back-office service provider opted instead to
offer those services to clients through employees in U.S. offices.
Spectrum will transfer the Bangalore, India, team's work to its offices in Chicago and Columbus, Ohio. There currently
are fewer than 100 employees in India, and Spectrum plans to close the office altogether by year-end. Spectrum decided
to close operations in India after talking to employees, clients and industry experts, according to the firm.
"There were benefits of going to India," Spectrum President
Ron Suber wrote in an email. "However those benefits have eroded not only for administrators but for many companies given
the currency mismatch, wage inflation, turnover and communication difficulties."
According to Mr. Suber, some of the people based in India have been offered jobs in the U.S. offices. He said Spectrum will
continue to hire in Columbus and Chicago as part of the relocation process. There currently are 60 employees in Columbus and
75 employees in Chicago, where Spectrum is based.
Spectrum also announced on Wednesday [Oct. 17] that Diane Cassidy will join the firm's New York office as a director, responsible
for sales and marketing. She will start on Oct. 22 and will work closely with Annabel Marisca, director of sales and
marketing. Ms. Cassidy and Ms. Marisca both report to Mr. Suber, who is based in Chicago.
Prior to joining Spectrum, Ms. Cassidy was the head of global sales and marketing at LaCrosse Global Fund Services. Before
that, she was a senior vice president and head of sales and client development at DPM Mellon. Mr. Suber said Spectrum
hired her because of "her experience at two administrators and her relationships with large hedge funds, funds of funds,
private equity firms and institutional investors, along with her experience in consultative selling and administrative expertise."
Spectrum has $33 billion under administration and works with 110 hedge fund and fund of funds clients. The firm has offices
in the Cayman Islands and London, in addition to its Columbus, New York and Chicago locations. |
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10.17.2007
Hedge Fund Alert | Thursday, October 17,
2007
CHICAGO—Spectrum Global Fund Administration
is pulling out of India, choosing instead to offer more of
its back-office services through staffers in the U.S.
At the
height of its presence in India, Spectrum had 150 employees
stationed in a Bangalore office. That number now stands at
less than 100, and will fall to zero by yearend.
As part of the process, Spectrum is transferring
the Bangalore team’s work to Chicago and Columbus, Ohio — where
it has been adding staff. The administrator currently has 75
employees in Chicago, where it is based, and 60 in Columbus.
Spectrum accounts representing about two-thirds
of its $33 billion under administration are now handled through
those offices. Overall, the firm works with 110 hedge fund
and fund-of-funds clients.
The withdrawal from India was prompted by
rising costs and difficulties in finding adequately skilled
staff there. On the cost side, one of the biggest issues has
been a strengthening Indian rupee. In addition, as more businesses
relocate to the country, wages have risen and competition for
staff has become more intense.
At the same time, Spectrum has found it
easier to bring in qualified professionals at home as its work
has become more complicated. “There were benefits of
going [to India] and those benefits really have eroded. And
as hedge funds are looking for additional performance alpha,
they need more complex products and strategies and require
a more experienced service professional that is most often
found in the U.S.,” Spectrum president Ron Suber said.
Spectrum isn’t the only administrator
facing such realities. GlobeOp last month received a report
it commissioned from Keefe Bruyette & Woods that reached
many of the same conclusions.
Spectrum decided to pull the trigger on
its move after talking to its employees, clients and industry
experts. Clients, for example, voiced a desire to work more
closely with the administrator’s
staff.
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08.05.2007
Spectrum Global Fund Administration Rolls Out Integrated IRM
/ CRM Solution for Hedge Funds and Fund of Funds
SAN FRANCISCO, Calif., August 2007- Salesforce.com, the market
and technology leader in on-demand business services, today
announced that Spectrum Global Fund Administration has joined
the on-demand revolution and leveraged the Salesforce.com AppExchange
to deliver Spectrum PlusTM, its IRM / CRM platform for hedge
funds and fund of funds. Spectrum’s customized Salesforce
solution provides smooth data integration and customizable
reporting to their hedge fund and fund of fund clients. Highlights
of Spectrum PlusTM will be:
Funds:
• Listing of all available funds with performance, summary
and drill down ability to display specific fund detail, contact
information, transactions, and performance metrics.
• Metrics will include industry comparisons to a host of HF
indices.
Investors:
• Drill down reporting of all funds under management and investor
balances.
• Detailed investor information including contact info, key
characteristics, activity and all correspondence.
Prospects
• Contact information, specific attributes, and opportunities
for conversion
• Detailed correspondence information
• Automated notification to Spectrum for new account creation
on conversion from prospect to client
Reporting
• All VBO reports available
• User customizable and searchable interface for quick document
retrieval
• Spectrum and users can store pertinent documents such as
offering packages, investor documentation, and audit reprints
Dashboard
• Integrated Salesforce charting engine allows for graphical
representation of data including Blue Sky data, and AML reporting
• ERISA, Lockups, outstanding shares, P&L by Sector, and
P&L by Industry
Risk
• Reporting on VaR, exposure and ‘Greeks’, and
Stress Test
• Sorted by currency, sector, and product type
Mapping
• Leveraging Google Maps ‘mashup’ to graphically
depict current and prospective investor locations, balances
and opportunities.
News
• Integrated daily fund news, articles, and features selected
from thousands of fund publications, newspapers, and blogs
Spectrum notes, “In addition to accurate and on-time
administration services, our clients and prospects have demanded
this solution to provide the custom reporting and access to
data they require.”
About Spectrum Global Fund Administration LLC
Spectrum Global Fund Administration offers Middle & Back
Office Outsourcing and Administration solutions to Hedge
Funds and Fund of Funds representing in excess of $30 Billion
in assets. Through their 100% proprietary technology platform,
Virtual Back Office (VBO), Spectrum provides investment managers
and their investors seamless access to portfolio, shareholder
and financial information. Spectrum is committed to allowing
fund managers to focus on their core competencies by providing
accurate and timely services. Spectrum is headquartered in
Chicago with offices in New York, Bangalore, Cayman and Columbus.
For more information, please contact:
Midwest: Laura Gillen - Email, (312) 602-5636
East coast: Annabel Marisca - Email, (646)
495-5795
West coast: Gregory Knapp - Email, (415) 293-8347
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08.02.2007
Spectrum Offers New IRM Solution
Editorial - HedgeWorld | Thursday, August 02, 2007
CHICAGO—Administration and middle-office service provider
Spectrum Global Fund Administration LLC has introduced an integrated
investor relationship management/customer relationship management
solution for hedge fund and fund of funds clients.
Called SpectrumPlus™, the web-based solution
will be delivered via Salesforce.com. SpectrumPlus™ provides
lists of available
funds with performance metrics versus indexes, fund detail
and partnership transactions; all funds under management and
detailed investor information; and compliance reporting, profit
and loss statements, stress testing and fund news, among other
features.
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08.02.2007
Spectrum Makes
Senior Appointments
By Maggie Shea, Financial Correspondent
- HedgeWorld | Thursday, August 02, 2007
CHICAGO—Administration and middle-office service provider Spectrum Global
Fund Administration LLC hired Sasi K. Digavalli, former head of quantitative
research and trading risk for global equities at Citadel Investment Group.
He will assume the role of chief of product development and strategy at Spectrum.
Prior to spending three years heading quantitative
research at Citadel, Mr. Digavalli was the firm's head of risk
management. He also worked at Lehman Brothers as a senior vice
president and head of currency structured products, and he
headed up a team of quantitative analysts on the foreign exchange
and equity options trading desk at Bank of America before that.
Mr. Digavalli's career began in 1993 at O'Connor & Associates,
where he was a quantitative analyst.
"Because we have proprietary technology
and complete control of the software and data, we are able
to support hedge fund clients and their institutional investors," said
Ron Suber, president of Spectrum, in an interview. "So
having people like Sasi to work with people to meet their needs
is what differentiates Spectrum."
Spectrum's human resources department was
busy this week, also hiring Martin Bronstein as chief information
officer and promoting Michael Evans to chief technology officer.
Mr. Bronstein previously was executive president
and chief technology officer at Bank One's Commercial Bank.
He has more than 30 years of experience in strategic planning
and business management, which will "be an excellent fit
with our firm and clients given the dramatic growth and institutionalization
of the industry," said Carol Burke, chief executive of
Spectrum, in a press release. |
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08.02.2007
Spectrum Global
Fund Administration appoints new Chief of Product Development
and Strategy
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Press Release
August 2, 2007 - Spectrum Global Fund Administration, a leading
provider of Administration and Middle Office Services to hedge
funds and fund of funds representing in excess of $30 Billion
in assets, announces the addition of Sasi K. Digavalli to the
executive management team.
Mr. Digavalli joins Spectrum from
Citadel Investment Group where he spent three years as Head
of Quantitative Research & Trading
Risk for Global Equities in addition to three years as Head
of Firm-wide Risk Management. “I look forward to spending
time with our clients and prospective clients to help deliver
further enhanced risk and performance information to support
their requirements”, said Sasi Digavalli.
Mr. Digavalli began his career in
1993 at O’Connor & Associates
as a Quantitative Analyst. In 1995 he became a Senior Vice
President at Bank of America for the FX and Equity Options
Trading Desk heading a team of quantitative analysts. Following
his time there, he became a Senior Vice President and Head
of Currency Structured Products at Lehman Brothers where he
headed a global team to support pricing, trading and risk management.
At Citadel Investment Group, Mr. Digavalli’s responsibilities
included quantitative research, measuring, monitoring and managing
risk, building custom models and risk indices as well as developing
tools for portfolio managers. He holds a Ph. D in Aeronautics
from MIT.
“As Institutional flows into hedge funds continue to
accelerate and become more main stream, our clients and their
institutional investors continue to need more information from
Spectrum. Sasi will be instrumental in helping Spectrum continue
to meet the needs of our clients”, said Michael E. Griffin,
Spectrum Founder and Chairman. |
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07.31.2007
July 31, 2007. Spectrum Global Fund Administration, a leading provider of Administration and Middle Office Services to hedge funds and fund of funds representing in excess of $30 Billion
in assets, announced the appointment of Martin Bronstein as Chief Information Officer (CIO), and the promotion of Michael Evans to Chief Technology Officer (CTO).
View Press Release » |
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06.21.2007
Spectrum Global Fund Administration, a leader in middle office, fund of fund and hedge fund administration,
will be moving its Chicago corporate headquarters to a new, larger facility on June 30, 2007.
View Press Release » |
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05.2007
HFM Week - Cayman Special Report
Ron Suber, president of Spectrum Global Fund Administration,
and Wayne Ross, Director of Spectrum Cayman, discuss the effects of institutional
investment on providers of administration and middle office services
View article » |
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04.18.2007
Hedge Fund Alert
Spectrum Global Fund Administration has hired 25 people for its planned Columbus, Ohio, office.
View Article » |
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02.08.2007
Chicago, Illinois, February 8, 2007 – Spectrum Global
Fund Administration LLC announced that Carol Burke has been
promoted to Chief Executive Officer. Before her promotion to
CEO, Ms. Burke held the position of Chief Administrative Officer
and General Counsel of Spectrum.
View Press Release » |
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12.2006
Hedgeworld
NEW YORK—Two new reporting services
are being added to Spectrum Global Fund Administration's
Virtual Back Office system, which creates customized reports for fund managers.
View Article » |
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09.2006
In this HFM special report Ron Suber, recently appointed
president of Spectrum Global Fund Administration, discusses how the company’s
team and level of service enable it to succeed.
View
Survey»
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© 2007 Spectrum Global Fund Administration LLC. All Rights Reserved
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