Phoenix Fund Services, a specialist provider of offshore and onshore traditional and alternative fund administration services, has won a mandate to service Lindsell Train’s USD30m offshore
Phoenix Fund Services, a specialist provider of offshore and onshore traditional and alternative fund administration services, has won a mandate to service Lindsell Train’s USD30m offshore long/short fund business.
Phoenix has taken over the administration of Lindsell Train’s Global Media and Japan long/short funds, which are domiciled in the Cayman Islands. The mandate cements an existing relationship between the two firms, since Phoenix has administered the GBP26.8m UK-listed Lindsell Train Investment Trust since 2001.
Lindsell Train was launched in 2000 by Michael Lindsell and Nick Train, formerly of GT Management, and manages a range of segregated accounts, investment trusts, open-ended investment funds and long/short funds that invest across a variety of asset classes and represent total assets of nearly GBP500m.
Phoenix says it is targeting the growing number of small to medium-sized investment managers and start-up firms who fall beneath the radar of the global banks, as well as investment managers who seek a comprehensive administration platform covering traditional and alternative administration and investment operations outsourcing.
‘There is an increasing industry trend of onshore fund managers launching offshore initiatives,’ says Gavin Gray, managing director of Phoenix Fund Services’ offshore operations. ‘To maximise the proficiency of these new launches, managers want a consistent, streamlined service, provided by one team that understands their business.
‘As a boutique independent operator that can deploy its own software within the in-house client teams, we can offer a much more flexible product. We are delighted to have enhanced our partnership with Lindsell Train.’
Lindsell says: ‘We have worked with Phoenix for some time. The service they have provided for our onshore fund has been exemplary, and we are looking to achieve similar levels of quality control across other parts of our business. The transfer of these funds broadens our partnership with Phoenix that has proved responsive to our needs since it began.’
Established in 1998, Phoenix Fund Services provides investment managers with services ranging from investment operations outsourcing to administration of onshore and offshore funds. Its offshore and hedge fund administration aimed at European managers was launched in Dublin in 2004, and a third arm of the business was set up in 2007 to cater to UK collective investment schemes.
