Hedge fund technology provider Abacus Group announced Wednesday that it has opened a new office in Dallas to support the growing client base in the region.
Abacus’ expansion was prompted by the form’s increased demand in the Dallas market from new and existing fund managers. Abacus, who also has locations in New York, San Francisco and Connecticut, launched 57 new funds this year.
The firm said in the statement that its growing demand is due to the new regulations imposed under the Dodd-Frank Act, which has increased the cost of technology that hedge funds require to follow guidelines. The increased cost has forced hedge funds to outsource those services to specialty firms in order to access more “robust business and compliance technology at a lower price point.”
Abacus helps hedge funds, as well as private equity funds deploy and manage hosted IT solutions by minimizing the risks and costs associated with implementing technology for their firms.