Quintillion partners with Markit to offer derivatives valuations
Release Date: 15 February 2007
London – Markit Group Limited (“Markit”), the leading industry source of independent data, portfolio valuations and OTC derivatives trade processing for the global financial and commodities markets, and Quintillion, a Dublin-based fund administration services company, today announced a partnership to provide a joint service proposition to mutual customers namely 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 ongoing back office fund accounting and investor services during the lifetime of a fund. Quintillion’s systems, technology commitment and operations expertise ensure that all portfolio investment strategies and fund structures are accommodated in a single location, allowing clients to manage a range of funds with the support of a single administration partner.
The partnership involves Quintillion providing its fund administration services and Markit providing independent valuations on their complete portfolio of derivatives positions, including commodity, credit, equity, currency and interest rate swap instruments.
Tim Barker, Executive Vice President and Head of Valuations at Markit, said: "We are very impressed with Quintillion’s focus and professionalism, and welcome the opportunity to work with them in close partnership. 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, commented: "We are extremely excited to be partnering with Markit, a firm that has such a strong reputation in the critical area of 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."
Markit's portfolio valuations service provides investment 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 alternative, model-driven services.
About Markit
Markit Group Limited is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 75 dealing firms, and its services are used by almost 1,000 institutions to enhance trading operations, reduce risk and manage compliance.
Markit’s position in the derivatives markets has been acknowledged by the industry with numerous awards. In 2006, the company won Operations Management’s Vendor of the Year award (Trade Processing); Financial News’ Best Derivatives Data Solution and Best New Vendor Solution (Portfolio Valuations); Credit’s Best Operational Support Services Provider; Inside Market Data’s Reference Data Provider of the Year, and Company to Watch; Risk’s Trading Initiative of the Year (Credit Event Fixings); and Structured Finance International’s Editor’s Award for Advancing Structured Finance. In 2005, Markit received International Securitisation Report’s Editor’s Award for Innovation; International Financing Review’s Innovation of the Year (Credit Event Fixings); Financial News’ Best Derivatives Data Provider; and Operations Management’s Vendor of the Year award.
For more information, see www.markit.com