Augentius Fund Administration says it distributed nearly 20,000 quarterly and annual accounts to over 3,750 investors and limited partners during 2008.
Augentius Fund Administration says it distributed nearly 20,000 quarterly and annual accounts to over 3,750 investors and limited partners during 2008.
The company’s annual review also shows that it has grown from seven staff to 110 staff since its launch in 2003.
It opened offices in New York, Hong Kong and Singapore during 2008 and says it has plans for further geographic diversification and growth.
‘The outsourcing of private equity and property fund administration is becoming the norm rather than the exception and our services are in high demand,’ the company says.
‘Investors are demanding more and more detailed information about their investments and without the proper systems and resources it is difficult, time consuming and costly for fund managers to meet these LP demands. With GPs having to focus more and more of their time on portfolio issues the outsourcing of the fund administration is becoming an increasingly attractive option.’
It believes that the issues relating to the Maddoff fund will result in more limited partners carrying out formal due diligence on the administration processes prior to committing to private equity and property funds.
‘Investors are becoming increasingly cautious before making commitments to funds and need to be certain that proper procedures, resources and technology are in place to ensure they receive timely and accurate reporting from the fund,’ it adds. ‘The involvement of third party administrators in this process is only likely to increase as investors seek more involvement from independent entities.’
