Hedge fund service group Citadel Solutions LLC has announced that the Bermuda Monetary Authority has approved its license to operate Citadel Solutions Bermuda Limited.With this approval it becomes the first company licensed by the BMA to provide administration services to hedge funds.

Citadel Solutions Bermuda will provide middle office and fund administration services to hedge funds as part of the global Citadel Solutions team, it said in a statement.

It will operate as the headquarters for the firm's offshore administration platform, servicing the needs of clients domiciled across Europe, Asia and other non US locations.

Citadel Solutions Bermuda will commence operations effective immediately.

Robin Bedford has been named director of Citadel Solutions Bermuda and will be responsible for leading the operation.

He joined Citadel Solutions earlier this month and brings with him nearly a decade of hedge fund administration experience. Most recently, he was president of Dundee Leeds.

Mr. Bedford said: "Citadel Solutions has demonstrated commitment and dedication to become a premium provider of administration solutions. I am delighted to be part of this team."

John Buckley, president of Citadel Solutions LLC, said: "Approval by the BMA is an important step in the further development of our activities.

"With the addition of Robin to our leadership team, we are well-positioned to become a leader in offshore fund administration.

"Robin and the Citadel Solutions Bermuda team build upon our unique service offering — the delivery of Operational Alpha to our clients."

Citadel Solutions LLC is a subsidiary of hedge fund giant Citadel Investment Group launched in 2007.