The Bank of New York Appointed as Fund of Hedge Fund Custodian by Gottex Value Added Fund Limited
LONDON, October 6, 2005 - The Bank of New York, a global leader in securities servicing, has been appointed by Gottex Value Added Fund Limited to provide fund of hedge fund custody and transaction processing for US$ 5 billion of hedge fund assets. Custody will be provided through AIB/BNY Trust Company Limited, Dublin. The Bank has also been appointed to handle the extensive banking requirements for the whole Gottex fund of hedge funds structure.
Clive Snowdon, Chief Operating Officer, Gottex Fund Management, said: "We selected The Bank of New York as it clearly demonstrated its ability to deliver the added transparency and efficiency that our rapidly growing suite of funds requires. Our operational efficiency will be dramatically improved through the Bank’s new fund of hedge funds platform and the technology interfaces that we have put in place. We also recognized banking as a core competency of The Bank of New York and worked with them to leverage off the synergies of combining this with custody and other services that the Bank provides to derive a dynamic, across the board, solution for Gottex products. Throughout the process we were impressed by the Bank’s dedication in applying a very high level of resources to this complex mandate."
David Aldrich, managing director, The Bank of New York, commented: "Working with a premier fund of hedge funds manager such as Gottex underlines the Bank’s ability and commitment to servicing the fund of hedge funds arena. The Bank is now delivering a range of products to Gottex, including fund of hedge funds custody, cash management, foreign exchange and corporate trust facilities, and so is able to demonstrate the strength of its desire to build long term relationships with clients. This is a landmark win for us."
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
Founded in 1992, the Gottex Fund Management Group is a leading global investment management group specializing in absolute return strategies. With total funds under management in excess of US$ 5 billion, Gottex offers a complete range of fund of hedge funds with specialization in conservative and market neutral funds. Headquartered in Lausanne, Switzerland Gottex has offices in Zurich, London, New York, Boston and Hong Kong, and affiliate offices in Sydney and Montevideo.
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