Soros Fund Management and Oaks Hill Platinum is backing with capital a new firm that will offer administrative services to hedge funds. ...

Soros Fund Management and Oaks Hill Platinum is backing with capital a new firm that will offer administrative services to hedge funds.

OpHedge Investment Services, founded by the former Goldman Sachs executive Tom Chang, will provide operations and administrative services to the fast growing $1 trillion hedge fund industry, the companies said in a joint statement.

Mr Soros, which runs the $8.3 billion Quantum Endowment Fund, and Oak Hill Platinum Partners, a successor fund to Long Term Capital Management, are strategic investors in the new firm and are also using its services, according to the statement.

“OpHedge understands the needs of an investment manager: accuracy, timeliness, confidentiality, responsiveness, and flexibility,” Mr Chang said in the statement.

Mr Chang’s new company is expected to benefit from moves by the US Securities and Exchange Commission to force hedge funds to register as investment advisers and disclose results to periodic audits.