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Capita unveils dedicated Guernsey fund administration business

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Fund administrator Capita Financial Group, a subsidiary of the London-listed Capita Group, the UK’s leading provider of outsourcing services, has established a dedicated Guernsey office he

Fund administrator Capita Financial Group, a subsidiary of the London-listed Capita Group, the UK’s leading provider of outsourcing services, has established a dedicated Guernsey office headed by Andrew Howat, who has extensive experience in the international and offshore funds sector.

Capita Financial Administrators (Guernsey) is licensed and regulated by the Guernsey Financial Services Commission for the conduct of fund services business. While the control and management of operations are carried out in Guernsey, the business has an outsourcing arrangement with a Capital Financial Group back office operation in Exeter.

‘Capita’s name is known in the islands through its existing Jersey presence,’ Howat says. ‘Now, with Guernsey’s fund administration sector booming and around GBP180bn under administration at the close of 2007, there’s no better time to bring the group’s expertise directly to the local market.

‘Many of our competitors are limited by headcount and demand outstripping the availability of skilled and qualified administrators. Our outsourcing arrangements immediately overcome these limitations.’

In recent years, Capita Financial Group has extended its operations from the UK to other jurisdictions, tailoring services to the demands of its fund management clients and each centre’s regulatory environment.

The group acquired Jersey administrator Channel House Financial Services Group in September 2005, established a Dublin fund administration business the following year and bought Gibraltar-based Global Fund Administration in April last year. It has been administering Guernsey funds since the acquisition of Sinclair Henderson (Guernsey) along with other group companies from Iimia Investment Group in June 2006.

Across its various operations, Capita Financial Group administers more than GBP30bn in assets in 360 funds on behalf of over 100 investment management groups. It is the dominant provider of UK hosted manager services to collective investment schemes, and the second largest administrator of closed-ended funds.

The Capita Group offers customer services, financial services, human resource, software services, systems and strategic support and property services to both public sector and private organisations and has some 29,000 employees at more than 300 offices in the UK, Ireland and India.

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