A former Goldman Sachs executive announced on Friday the launch of his new company, a fund operations and administration provider that will provide back-office solutions for hedge funds.

Tom Chang, former managing director and head of sales for Goldman in Asia, will become the first CEO of OpHedge Investment Services, a Rye Brook, N.Y.-based service provider aiming to capitalize on the growth of the $1.1 trillion hedge fund industry and its proliferation of alternative investment products and strategies.

Two of the firm's strategic investors as well as its first two clients are Oak Hill Partners and Soros Fund Management, the hedge fund group run by billionaire George Soros.

In fact, most of OpHedge's initial employees come from senior positions at Oak Hill and Soros. Despite their large contributions, OpHedge is an independent entity that expects to sign on additional clients over the next year.

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