Millennium Management, a multi-strategy investment management firm with over $11 billion in assets, has outsourced fund administration to GlobeOp Financial Services, a UK technology and outsourcing business.

GlobeOp became administrator of record for all three Millennium funds on 1 January. The new mandate expands upon valuation, share registry and transfer services GlobeOp has provided since 2006 to the Millennium International fund.

GlobeOp is providing Millennium USA, Millennium International, and Millennium Global Estate, with independent confirmation of cash and position reconciliation, pricing and valuation, net asset value production, financial reporting, and share register and transfer agency services.

"We are sending a strong signal about our commitment to transparency and the independent validation of Millennium's portfolio positions, asset pricing and expense allocation by appointing GlobeOp as an independent administrator, and by increasing our online investor portfolio reporting," said Terry Feeney, co-president and chief operating officer of Millennium.

"We also expect increased investor and institutional scrutiny of fund administration practices across the industry, which will encourage other large, well-established funds to follow Millennium's example of appointing an independent administrator," he added.

His comments come at a time when the alleged massive fraud of money manager Bernard Madoff in the US has highlighted the importance of independent administrators of investment money to products such as hedge funds.