BNP Paribas has been mandated to provide fund administration to Equinox Fund Management, a US alternative asset manager with more than $1.5 billion in AuM.
BNP Paribas administers a platform of independent fund vehicles accessed by mutual funds sponsored by Equinox. BNP Paribas’ solution captures and values trades in real-time, producing a NAV on the same day. Equinox-sponsored mutual funds then use this NAV as part of the process to strike their own NAVs on a daily basis. This daily-NAV solution provides the necessary transparency required to value alternative fund investments in the regulated mutual fund marketplace.
Bob Enck, president and chief executive officer at Equinox, said: BNP Paribas’ capabilities allow our mutual funds to meet the strict reporting requirements mandated in this highly regulated industry.
“Furthermore, their global credentials and world-class platform serve as powerful reassurances at a time when asset safety could not be more important.”
Commenting on the deal, Andrew Dougherty, head of alternative and institutional solutions at BNP Paribas Securities Services, said, “”Alternative managers are increasingly using mutual fund structures to offer their core alternative strategies to individual investors because the structure offers more transparency and liquidity to end investors. Whether through *40 Act (The Investment Company Act of 1940) Funds in the United States, UCITS in Europe, or other domiciles around the world, we are ready to support them.”
(JDC)