West Palm Beach (HedgeCo.net) – Hedge fund technology service, Point Nine, has announced the opening of their new office in Limassol, Cyprus. This is the second office opening for Point Nine this year, which follows the recent opening of Point Nine’s facilities in New Delhi, India.

The Cyprus office is the second to be launched by newly appointed CEO of Point Nine, Yannis Matsis.  Matsis’ 15 years experience in building and managing global debt capital market teams for Mizuho Bank and ING has been instrumental in the direction and supporting technology of Point Nine’s Middle and Back Office Services offering.

"The current financial crisis and the associated reduction in revenues for fund managers has put a bigger emphasis on cost reduction.  Outsourcing of the middle and back office operations to reliable service providers like Point Nine is an ideal way for fund managers to increase their operating efficiencies and reduce their operational risks and cost base”, says Yannis Matsis, CEO Point Nine. “We are expanding our geographical coverage to provide the highest quality service to our clients that we can be proud of."

The recent expansion from its London headquarters into the Middle East and Asia means a more personalised service for customers and ensures that all trade capturing/management, operations and reporting can now be handled in the relevant time zones required.

“When choosing to outsource the middle and back office operations, a customer must feel like the provider is an extension of their own team”, says Pavlos Christoforou, Head of Technology. “This expansion allows us to be closer to our customers and provide them with the best service within the industry.”

Point Nine’s technology interfaces with a number of prime brokers and fund administrators and provides accurate and secure transactions, which are processed by experienced staff across three locations in Europe, Middle East and Asia. Customers include Tier-1 banks, large Asset Managers and cutting-edge hedge funds.

Alex Akesson