Starting a new hedge fund? Does your prop shop need a swanky address? Youre in luck.
Brokerage firm Triad Securities is expanding is managed suites offering by adding an area of 7,500 square feet meant exclusively for hedge fund managers.
Located in the historic Trinity Building at 111 Broadway in the Wall Street area, Triad Securities currently occupies 22,500 square feet of space and will be introducing custom suites that range from 1,000 to 5,000 square feet, at a rate which will be much more affordable than standard office space.
“Manhattan asking rents are up 10 percent in the last 12 months and our start-up hedge fund clients have always had difficulty leasing relatively small office space with flexible lease terms,” said Daniel Madison, executive managing director of real estate firm Newmark Grubb Knight Frank.
This is not a new offering from the brokerage exactly. Triad Securities has been offering its prime brokerage services and infrastructure to hedge funds looking to develop and focus their business strategies for more than 20 years.
“Triad continues to help emerging managers grow their businesses by expanding its “hedge fund hotel services and providing an economic alternative for hedge funds to work and grow without being forced to sign a long term lease, said Scott Daspin, director of prime brokerage sales at Triad.
According to Triad, the operating budgets of hedge funds encompass numerous expenses such as marketing, legal fees, accounting, and risk systems.”In order to offer managers some relief from these costs, Triad also offers IT, operational, trading, and prime brokerage support, as well as allowing managers access to their network of contacts that can assist with legal, accounting, marketing and capital introduction, read a Triad press statement.
