Modular Asset Management (Singapore), a specialist Asian macro alternative investment management company licensed by the Monetary Authority of Singapore, has named Northern Trust to service its newly launched Cayman Islands-domiciled Modular Asian Macro Fund and related entities.

The Modular Asia Macro Master Fund is a specialist, pure-play Asia macro-strategy aiming to provide stable uncorrelated absolute returns by investing in liquid foreign exchange and exchange rates markets, primarily within the Asia-Pacific region. 

Northern Trust will provide a range of custody, fund administration, middle-office outsourcing, collateral management and risk compliance monitoring services.

Modular, which was spun out of a large US hedge fund manager in January 2020, was founded  by Jimmy Lim, who ran similar specialist Asian mandates at Millennium, BlueCrest and J.P. Morgan. It was one of Asia’s largest hedge fund launches in recent years.

“We looked at a range of service providers and were impressed by Northern Trust’s technology platform and integrated suite of services which securely support our complex investment strategies, investor liaison and operational needs,” says Modular’s co-founder Matthew Cannon.

“We’re seeing an increasing trend to middle-office outsourcing in the hedge fund arena across Asia,” says Iain Carey, head of hedge fund services, Asia-Pacific, at Northern Trust. “Our advanced technology platform and Singapore-based fund services capabilities ensure we’re well placed to help Modular achieve its overall objectives.”