Admiral Administration, a Cayman-based administrator, has been honoured on the world stage.
At the recent Institutional Investor’s Alpha Awards held in New York on 12 September, Admiral was awarded second place for Overall Excellence in Fund Administration with Goldman Sachs ranking first and Morgan Stanley third.
Additionally, Admiral was awarded first place for Middle Office Services, said a press release from the company.
Alpha Magazine conducted an extensive survey that began early this spring in which hedge fund managers were asked to rate the quality of service they received from their accounting firms, fund administrators, law firms and prime brokers during the previous 12 months.
Representatives from more than 1,000 hedge fund management firms participated in the survey, including two-thirds of the 2006 Hedge Fund 100, Alpha’s exclusive annual ranking of the world’s biggest single-manager hedge funds.
‘We are extremely proud of our staff and their hard work and commitment that has contributed to make these awards a reality,’ says Canover Watson, General Manager of Admiral. ‘Admiral is in an industry that encompasses some of the largest and most respected financial institutions in the world and to be ranked so highly among such a prestigious and reputable group is very flattering.
‘Starting from a humble beginning of servicing one family of funds 10 years ago, we have today grown to servicing over 200 clients and approximately US$25 billion in assets. The impetus for our existence has been an overriding commitment to the highest standards of service, so it is very gratifying to receive such strong industry recognition,’ said Mr. Watson.
The one-man operation in 1996 has evolved into a major employer on the island with more than 65 staff and growing.
Admiral expects to double its staffing within the next three years. It also plans to set up Admiral Financial Center, a 20,000-square-foot state-of-the-art facility, located on Fort Street.
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