London-based data and valuation provider Markit Group has formed a partnership with Quintillion, a Dublin-based fund administration services company, to provide mutual customers with fund administration services and independent Over-The-Counter (OTC) derivatives valuations.
Quintillion is a full service hedge fund administration specialist that provides its clients with back office, fund accounting and investor services.
The partnership aims to allow Markit and Quintillion to work together to provide mutual clients with independent valuations on their complete portfolio of derivatives positions, including commodity, credit, equity, currency and interest rate swap instruments.
“We are very impressed with Quintillion’s focus and professionalism, and welcome the opportunity to work with them in close partnership,” says Tim Barker, Executive Vice President and Head of Valuations at Markit. “Their abilities and experience in hedge fund administration, combined with Markit’s expertise in valuing OTC derivatives portfolios, will be a winning combination.”
Joan Kehoe, Chief Executive Officer at Quintillion, says he is pleased to be partnering with Markit, especially in OTC derivatives valuations. “With the growth of the derivatives markets continuing to exceed expectations and the increasing complexity of the instruments traded, hedge funds and their investors are increasingly demanding reliable, independent valuations,” he says.
Markit’s portfolio valuations service provides fund managers, fund administrators, custodians and banks with an independent post-trade calculation of the gross asset value of a portfolio of OTC derivatives. The service is calibrated with Markit’s proprietary data, received from over 75 leading market makers, distinguishing it from other, model-driven services.