Executives at Nottingham Investment Administration
said Tuesday that the number of mutual funds on their platform "more than tripled" this year.
| Kip Meadows|
Nottingham Investment Administration
The press release issued by the Rocky Mount, North Carolina-based investment accounting and administration firm did not state how many mutual funds it serves.
Nottingham also provides services for
hedge funds, foundations, stable value and collective trusts, among others.
"For some years, we didn't have a significant number of advisors contacting us about starting a mutual fund," said Nottingham founder and CEO Kip Meadows
, adding that there was more interest on the hedge fund space.
But after 2008, with factors such as the financial crisis and Bernie Madoff, "we've seen a switch. Advisors are now saying they want to start
a mutual fund instead," he said.
Overall, Nottingham saw a 64-percent jump in new business this year and a 15-percent increase in assets under administration, to more than $25 billion, according to the press release.
The firm added more than a dozen employees to its payroll this year. It now employs 53 people.
Right now, Nottingham is looking to hire two more and could add between four and eight people next year depending on how things go.
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