The hedge fund needs multiple fund services across more than $1 billion in assets under management (AUM).
Lexington Capital Management LP has tapped SS&C GlobeOp, a major business division of SS&C Technologie, as its fund administrator because the hedge fund’s reporting needs have been growing because of the firm’s rapid growth over the past year, officials say.
“The Lakewood, New Jersey-based hedge fund manager focuses on absolute return strategies targeting double-digit annualized returns with low volatility. SS&C will provide a full range of fund services across more than $1 billion in assets under management, including the commingled funds and five separately managed accounts,” according to the announcement.
“Our business has grown rapidly in the last year, and so have our reporting needs,” says Yitz Berger, chief financial officer (CFO) for Lexington Capital Management, in a prepared statement. “SS&C GlobeOp’s front-to-back fund servicing platform enables us to quickly streamline and scale our operations.”
The platform also delivers net asset value (NAV) and “other detailed investor reports quickly and accurately,” which is “crucial in helping us attract institutional investors,” Berger adds.
Officials note that Lexington’s initial engagement with SS&C was via the Eze order management system (OMS). But the firm’s business “grew exponentially with the addition of separately managed accounts,” and the firm needed fund administration, investor servicing and reporting via the SS&C GlobeOp offering.
The SS&C GlobeOp set of solutions includes investment operations, middle-office trade reconciliation, administration and regulatory and investor reporting, officials say.
SS&C also offers an A.I.-based Trade Reconciliation Agent to “securely process trade confirmations faster and more accurately,” officials say. SS&C hosts the solution in a cloud environment, with large language model (LLM) access via SS&C’s governance platform, AI Gateway, officials say. SS&C also has experts to focus on problem reconciliations with the intention of resolving them “up to 95 percent faster.”
Lexington Capital Management LP (formerly Lexington Securities LLC) was founded by Joel Wolhendler in 2013, officials say.
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