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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 mutual customers with closely integrated 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 back office, fund accounting and investor services. 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 will allow Markit and Quintillion to work together to provide mutual clients with 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 other, model-driven services.