Baring Financial Services Group opened a third-party fund administration office in Jersey on March 1. The office is to provide specialist expertise in private equity, property, hedge funds and fund-of-funds. Baring Financial Services has a large base in Guernsey as well as fund administration bases in London, Dublin and the Isle of Man.
The move coincides with changes in Jersey’s changes in fund policy designed to recognise the differences in regulating funds aimed at retail investors and those that target more sophisticated investor groups, such as limited partners in private equity funds. Barings Financial Services Group is not alone in its view to expand into the Jersey market to capitalise on the anticipated growth in business triggered by the reforms.
Baring Financial Services Group has recruited Graeme McArthur as managing director of the Jersey-based business. McArthur has worked in the Jersey finance industry for more than 16 years and was head of operations for Deutsche Bank’s Jersey fund administration business. McArthur’s client service manager is Paul O’Connor, who has transferred from Baring Financial Services’ Guernsey International Fund Managers. Christopher Harris joins as a part time external director with overall responsibility for regulatory oversight and compliance. Harris remains a partner in Nigel Harris & Partners, the Jersey based solicitors.