Source: LaSalle
Abraxas Capital Management - a long gamma discretionary hedge fund - is to transfer its hedge fund administration requirements for its Abraxas Fund to LaSalle Global Fund Services Europe ahead of a marketing campaign to grow the fund.
LaSalle Global Fund Services takes over the mandate from GlobeOp Financial Services at the beginning of April.
The fund, which is managed by Fabio Frontini, has assets under management of $75 million, and uses a strategy of discretionary macro through short dated options.
LaSalle Global Fund Services Europe, based in Dublin, will handle the administration of the fund, which is listed on the Irish Stock Exchange.
LaSalle will act as both an administrator and a valuation services agent to the Abraxas Fund, and will provide fund data accessible online. LaSalle's remit will have a major focus on automation for all elements of the NAV calculation process.
The fund aims to provide hedge fund investors with an average return of Euribor + 500 bps, with an annualized volatility of between 2-6%. Since its launch in March 2003, the fund has recorded total returns of 33.2%.
The Abraxas Fund is Jersey domiciled, with a minimum investment of €250,000. The firm is aiming to increase the fund's capacity later this year.
Stefano Ruggiero, CFA at Abraxas, commented: "LaSalle Global Fund Services Europe is the best placed to help us grow this fund. They have a very strong presence in Jersey, and they are able to provide all the required services in one offering, so they can act as a 'one-stop-shop' for the fund."
"We also needed an administrator with the infrastructure needed to handle the demands of a larger fund, and LaSalle can provide the technology platform and staffing expertise we need to expand the fund's capacity."
Abraxas Capital Management was formed in 1996 by Luca Celati and Fabio Frontini, who now serves as investment manager of the Abraxas Fund. To date, Abraxas Capital Management holds over €100m in assets under management.