Chicago-based hedge fund manager Citadel Investment Group has taken a further step toward its ambition of becoming a leading hedge fund administrator after Citadel Solutions Bermuda receiv

Chicago-based hedge fund manager Citadel Investment Group has taken a further step toward its ambition of becoming a leading hedge fund administrator after Citadel Solutions Bermuda received a licence from the island's financial regulator, the Bermuda Monetary Authority, to provide administration services to hedge funds.

According to the firm, Citadel Solutions Bermuda will provide middle office and fund administration services to hedge funds as part of the global Citadel Solutions structure, and will operate as the headquarters for the firm's offshore administration platform, servicing the clients from Europe, Asia and other locations outside the US.

Robin Bedford has been appointed director of Citadel Solutions Bermuda and will be responsible for heading the business, which the firm says will commence operations immediately. Bedford, who joined Citadel Solutions earlier this month, has nearly a decade of hedge fund administration experience, most recently as president of Dundee Leeds.

'Citadel Solutions has demonstrated commitment and dedication to become a premium provider of administration solutions,' Bedford says. 'I am delighted to be part of this team.'

Says John Buckley, president of Citadel Solutions in Chicago: 'Approval by the BMA is an important step in the further development of our activities. With the addition of Robin to our leadership team, we are well positioned to become a leader in offshore fund administration. Robin and the Citadel Solutions Bermuda team build upon our unique service offering - the delivery of operational alpha to our clients.'

Citadel Solutions was launched earlier this year as a subsidiary of Citadel Investment Group and brings together experts in hedge fund operations, financial control and technology to offer hedge fund administration services.