He works in the fund administration group handling accounting for hedge funds.
Legg Mason plans to cut back in areas like fund administration, legal and finance, a spokeswoman, Mary Athridge, said.
The deal includes the global custody, depository banking, correspondent banking and fund administration components of the securities services operations.
Guidelines governing hedge fund administration may be toughened up in the wake of the Madoff scandal, the chairman of the Hedge Fund Standards Board, Antonio Borges, said, sitting on a separate hearing.
The financial centre is trying to attract corporate and investment banking, private banking, capital markets, asset management, fund administration, reinsurance, Islamic finance and back-office operations.
Most recently, he was a Partner and Chief Operating Officer of Vastardis Capital Services, providing advice to financial institutions and alternative asset managers on fund administration.
Brenner West, for instance, uses Goldman Sachs for its prime brokerage and Citco for its fund administration, two of the industry leaders.
A lot of fund administration work has gone back onshore, enticed by Canadian provinces, American states and Asian countries dangling tax breaks.
Mr. Smith, 28, works in Manhattan as a manager of foreign exchange valuations for International Fund Services, a hedge fund administration subsidiary of State Street Bank, the Boston investment bank.
West Sussex county council has awarded Capita a 10-year deal for the outsourcing of various support services, including telecommunications and pension fund administration, worth £154m.
By contrast, fund administration—in essence, the back-office work for investment funds—which thrives in Dublin, Jersey, Luxembourg, the Isle of Man and elsewhere, has become commoditised for run-of-the-mill equity funds.
