Sands Brothers Asset Management has selected ADP/OMR, a subsidiary of Automatic Data Processings brokerage services group, to provide administrative services for its hedge fund of funds. ADP/OMR will provide Sands Brothers with a full range of administrative services including performance reporting, risk measurement with transparency by sector or strategy and fund accounting.
Sands Brothers, a registered investment advisor, currently operates four hedge fund-of-funds and plans to launch several more funds at a later date.
"We have improved our infrastructure and gained cost-savings by outsourcing our fund if funds business to ADP/OMR," said Martin Sands, co-chairman at Sands Brothers, in a statement.
ADP/OMR provides fund managers with the back-office resources and services needed to focus on their core competencies of managing money and garnering new assets.