International fund administration business Apex Fund Services has established an office in the Isle of Man headed by Tim Parkes, a former managing director at Barclays Wealth and Barclays
International fund administration business Apex Fund Services has established an office in the Isle of Man headed by Tim Parkes, a former managing director at Barclays Wealth and Barclays Private Clients International.
Apex Fund Services, which provides administration services to private equity and hedge funds, already has offices in eight other locations worldwide, Bahrain, Bermuda, Dubai, Hong Kong, Ireland, Malta, Mauritius and Singapore.
Parkes, who has become managing director of Apex Fund Services (Isle of Man), says: ‘Setting up in the Isle of Man is a key move for Apex. We have a first-class reputation with our clients and boast the world-class systems and controls of a major global player in fund administration. We look forward to bringing to the Isle of Man the client service and people philosophy that ensures bespoke, relationship based customer engagement.’
Brian Donegan, director of foreign direct investment at industry promotional agency Isle of Man Finance, adds: ‘Apex brings expertise in fund administration to the island’s dynamic funds sector and is a perfect fit with our strategy for the industry’s long-term development.
‘We expect this to bring us one step closer to the ambitious target set by the Isle of Man Fund Management Association of reaching USD150bn in assets under administration and management on the island by 2010.’
According to Apex Fund Services, its business model includes an absolute focus on client service, with each staff member trained into a role encompassing fund accounting, transfer agency and overall cash management, and requiring familiarity with the legal structure and set-up of the fund. It says this has resulted in one of the lowest staff turnover rates in the industry.
The firm also focuses on internal procedures and robustness of controls, and has achieved the SAS 70 quality standard through an external audit. It uses PFS Paxus, a system used by other leading fund administrators, because it is one of the few fully integrated systems available and, Apex says, is more flexible than its competitors.