NEW YORK (HedgeWorld.com) – Sands Brothers Asset Management, New York, hired ADP/OMR to handle the fund administration for its hedge funds of funds.
ADP’s fund administration group, which is part of Automatic Data Processing Inc.’s brokerage services group, will be providing the hedge funds of funds with performance reporting, risk measurement with transparency by sector/strategy and fund accounting.
Sands Brothers offers four funds of funds and plans to launch several more in the near future, according to an announcement from ADP. The technological expertise, specifically in the area of transparency, is what attracted Sands to ADP, according to a statement from Martin Sands, co-chairman of Sands.
Sands Brothers works primarily with high-net-worth individuals with varying investment needs. The firm’s hedge funds are designed to produce attractive returns in strategies with low correlation to the U.S. equity or debt market benchmarks, according to the company.
