Moody's rates Custom House

Dublin-based Custom House Administration and Corporate Services has become the first hedge fund administrator to receive a rating from Moody's Investor Services. Dermott Butler, chairman of Custom House, said the Baa1 rating would help the administrator in attracting business but may also help ratings agencies in rating collateralised fund obligations (CFO) offered by hedge fund groups that use Custom House as an administrator. CFOs are tranches of debt normally issued by funds of hedge funds, which raise money for the manager while providing investors in the tranche with an income stre...