Wed, 30/05/2007 - 14:39
Investec has expanded its fund administration business in the Channel Islands by opening an office in Jersey, with the aim of building on its existing operations in Guernsey to benefit from the new alternative investment business coming into the two jurisdictions.
The Jersey office will initially offer administration services to closed-ended property funds that may or may not be listed on a recognised stock exchange. The office will work closely with Investec Administration Services in Guernsey, which offers tailored, independent third-party administration of investment schemes including property, private equity and financial market funds.
According to Carole Piazza, the project manager for the Jersey office, it is a natural and necessary progression for Investec to launch a fund administration services company in Jersey. 'Jersey's property funds business increased by 30 per cent in 2006 and is now worth more than GBP27bn, with total funds administered in the island amounting to more than GBP180bn,' she says.
'Investec Administration Services in Guernsey has been successful in this market. We wanted to ensure we can continue to offer our clients the flexibility of operating in other jurisdictions, and that includes offering a professional service in Jersey. There is also a natural synergy with Investec Trust in Jersey, which offers a range of innovative property structures.'
Piazza says the objective for the business over the next six months is to establish relationships with introducers who have been looking for a business that offers a choice of jurisdictions as well as the security of a fund administrator with a proven track record.
Investec Administration Services, which is based and registered in Guernsey and regulated by the Guernsey Financial Services Commission, currently has more than GBP2bn in assets under administration.
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