Mauritius investment frees up Standard Bank's Jersey staff for alternatives administration
Standard Bank is making significant investments in its infrastructure to enable it to further expand its funds services both in Jersey and Mauritius, following the bank's announcement earlier this year that the Jersey business had passed the USD10bn milestone for assets under management.
The bank is establishing a team of five in its Mauritius office to handle its in-house retail fund business to free up resources in Jersey to concentrate on specialist funds activity. Standard Bank has also recruited a further 11 staff in Jersey to meet increasing workloads.
Head of valuations Gary Powell will head the new Mauritius team but remain based in Jersey. The new staff in Mauritius will visit the Jersey office over the next few months to take part in a fund administration training programme.
Says Peter Hart, managing director of Standard Bank Fund Administration Jersey: 'While there is considerable movement in the funds administration recruitment market in Jersey and we have lost a small number of people as a result, we have been able to secure high-quality replacements in key posts and hire additional staff to meet growing demand.
'However, to cater more effectively with the increasing levels of hedge funds, private equity and property fund work that has been attracted to the Jersey office, particularly from emerging markets, we have decided to relocate some of our retail fund administration activity to Mauritius.
'The Mauritius office will look after the valuations and ongoing administration of our in-house retail funds which were previously handled in Jersey, although the team will continue to report to the Jersey office, while maintaining compliance with the Jersey Financial Services Commission's policy on outsourcing. Staff in Jersey, meanwhile, who had been working on retail funds are being given extra training to enable them to support the work in the alternative funds sector.'
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