Leeds Management Services Ltd., the Bermuda-based hedge fund administrators, has fired its former president, Nitin Aggarwal.

Mr. Aggarwal was one of the founders of the company, set up in 1993 to provide administration and accounting services to hedge funds.

The company has offices on Front Street, as well as branches in Cayman and BVI.

Administration services include providing a registered office and registrar and transfer agent functions. There are several such companies based in Bermuda.

A source said that the largest companies in the field are the Bank of Bermuda and Hemisphere Management Limited. Leeds Management Services Ltd., is understood to be in the second tier of companies.

In 1998 Leeds Management Services Ltd., was acquired by The Dundee Bank, a subsidiary of Canadian asset management company, Dundee Bancorp Inc.

Mr. Aggarwal was retained as president and a director of the company but a difference of opinion with the rest of the board led to his departure on December 30.

He has been replaced as president by Robin Bedford, formerly vice-president of the company. The company confirmed that Mr. Aggarwal's departure had not been amicable.

Both Mr. Aggarwal and the company declined to give further details at this time because the matter may proceed to litigation.