SEI (NASDAQ:SEIC), a leading global provider of asset management services and investment technology solutions, today announced that it has been selected by Kinetics Advisers to provide fund administration for their offshore hedge fund in the United States.
The deal points to an emerging industry trend as investors continue to push hedge funds to seek out larger institutional administrators amid increased regulatory scrutiny.
Under the agreement, SEI will provide administration, accounting and investor servicing. "We looked at all of the top-tier administrators, and chose SEI based on their combination of accounting and regulatory and compliance expertise as well as their global reach," said Leonid Polyakov, Managing Director and Co-Founder of Kinetics Advisers. "Their team brings a unique combination of industry expertise and technology support that is ideal for us and our investors as we continue to expand."
"Kinetics has had tremendous success and we're pleased to be their outsourcing partner," said John Alshefski, head of New Business Development for SEI's Investment Manager Services unit. "As the regulatory environment becomes more complex, we're seeing hedge fund clients look for partners with significant credibility and resources. SEI's comprehensive services allow us to fill that role and provide an additional level of confidence to our clients and their investors."