Start-ups offered place to stay
|Mcguiness: new asset managers "need to show investors they've got a proper infrastructure"|
Hedge fund proliferation is set to continue for some time, or so the services offered by the latest support business setting up in London seem to suggest.
Aspiring alternative asset management boutiques without substantial financial clout are being targeted by the start-up, HedgeSupport, which helps get them up and running and also provides back-office support. "A lot of people set up without huge amounts of money," says HedgeSupport co-founder and managing director Steve McGuinness. "They need to show investors they've got a proper infrastructure."
McGuinness says clients can outsource as little or as much of their non-core activities to his firm as they need. HedgeSupport aims to help with Financial Services Authority regulation and IT requirements, while providing back-office support on site. This leaves funds free to concentrate on marketing and fund management.
HedgeSupport opened new offices in London last month, having launched in January last year, and is taking a number of its first clients into its offices. The plan is to create an environment akin to that of a bigger financial institution.