ITG launches platform for Asia hedge funds

Agency broker and technology provider ITG has launched a hedge fund platform for Asia-Pacific clients in a bid to extend its one-stop-shop offering across asset classes.

While it will be initially targeting hedge funds in Hong Kong, Singapore and Australia, ITG plans to target other Asia-Pacific countries after the roll-out.

In addition, ITG has made two hires in Hong Kong and Sydney as it expands its hedge fund sales capacity in the region.

Michael Corcoran, joint Asia-Pacific CEO at ITG, said that for a long time the firm’s products were aimed at long-only fund managers, but the newly-launched platform included integrated execution, order and position management tools.

He said: “The hedge fund community has been looking for something more nimble, something with a lighter set-up for a different structure and organisation.

“The hedge fund market is always a market we’ve wanted to get involved in, but you need the credibility and knowledge of what clients want from day one, plus the right skill sets. We believe we now have those skill sets.”

Corcoran said that part of the offering was designed to offer hedge funds a one-stop-shop for services.

In addition to expanding the range of clients, Corcoran said ITG would also be looking at geographical dispersion, and expanding beyond the initial core markets of Singapore, Hong Kong and Australia.

To support the offering, ITG last month hired hedge fund platform specialists Phil Chevalier and Gaye Anable, who will be responsible for covering the hedge fund platform in roles that combine both sales and technical client service.

Chevalier has joined ITG’s Hong Kong office. He previously worked at Advent Software and Eze Software, specialising in portfolio management and order management systems (OMS). Anable has joined ITG’s Sydney office from Bloomberg, where she led the Australian OMS team. Both report into Simon Wade, ITG’s Asia Pacific Head of Sales.

Corcoran added: “As we go live with our first hedge fund clients in Asia this quarter, these hires demonstrate our commitment to delivering and supporting products that improve workflow for Asian and Australian hedge funds in a cost-effective manner”.