Specialist custodians wanted for Australian hedge funds

A growing hedge fund industry in Australia finds local custody services are not up to scratch, and overseas ones costly.

Australia's fledging hedge fund industry is having trouble finding specialist custodians to service its needs. The reduction of proprietary trading by banks in the past two years has pushed many traders out to set up their own hedge fund operations, but this growth has not been matched by a corresponding increase in custodians providing the professional services they need.

With only two onshore custodians Chase and Fortis servicing funds with more than A$100 million $52.25 million under...

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