Maples Finance Jersey, the fiduciary and administrative services affiliate of offshore law firm Maples and Calder, has bought the Jersey-based fund administration business of Gartmore Fund Managers International Limited (GFMIL).
The acquisition is part of Maples’ strategy to provide a one-stop service to hedge fund, mutual fund and private equity managers to include legal advice, independent experienced directors and full-scale fund administration. The acquisition comprises senior management and IT staff and the GFMIL proprietary systems. The combined businesses will continue to provide managerial and technical services for GMFIL’s existing book of fund administration business with assets under administration in excess of £1.7bn.
The acquisition comes on the back of recent changes in Jersey’s 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 – see EVCJ November 2003. Like many others, such as Baring Financial Services Group which recently opened a third party fund administration office in Jersey and International Private Equity Services (IPES) also newly present in Jersey, the expanded business will capitalise on an anticipated growth in business triggered by the reforms.
The changes were announced on 3 February 2004 by the Jersey Financial Services Commission (JFSC). As a result the process for authorising and establishing new funds in Jersey will be streamlined and the proposals lay down clear criteria about who can invest in them. The Jersey Funds Association and Jersey Finance were consulted in preparing for the reform which is expected will encourage this rapidly growing market sector in Jersey without departing from sound regulatory principles.
Anthony Travers, senior partner of Maples and Calder, said: “In a changing environment that will require yet higher standards of compliance and corporate governance, it is about being able to demonstrate capability. This Gartmore team has undertaken first class fund administration using their proprietary systems at the highest level for two decades.”
The system acquired by Maples Finance Jersey is fully featured with integrated support for transfer agency functions, cash management, fund and management accounting. It supports a variety of fund structures, complies with European tax reporting requirements, groups investments and transactions and offers fully flexible reporting.
Jersey-based fund administration service providersAbacus Fund Managers (Jersey) LimitedAnsbacher Trustees (Jersey) LimitedAshburton (Jersey) LimitedAztec Financial Services LimitedBank of Ireland Securities Services (Jersey) LimitedBedell Cristin Trust Company LimitedBNP Paribas Fund Services Jersey LimitedCapita Financial (C I ) LimitedCitibank (Channel Islands) LimitedComputershare Investor Services (Channel Islands) LimitedDominion Corporate Services LimitedDominion Fund Administrators LimitedEFG Fund Administration LimitedEFG Reads Secretaries LimitedEFG Reads Trust Company LimitedEuro PE General Partner LimitedGold Bullion Securities (April 2004) LimitedHSBC Fund Administration (Jersey) LimitedHSBC Trustee (C.I.) LimitedING Trust Company (Jersey) LimitedInternational Fund Managers (Jersey) LimitedJTC Management LimitedKleinwort Benson (Jersey) Fund Managers LimitedMoore Management Services LimitedMourant & Co. LimitedOgier Fund Administration (Jersey) LimitedOrbis Management LimitedProfessional Consultancy Services LimitedR & H Fund Services (Jersey) LimitedRBSI Fund Administration LimitedRoyal Bank of Canada Fund Administrators LimitedSG Hambros Trust Company (Jersey) LimitedStandard Bank Fund Administration Jersey LimitedStandard Bank Unit Trusts Jersey LimitedState Street Fund Services (Jersey) LimitedStonehage Fund Administrators (Jersey) LimitedStructured Finance Management Offshore LimitedUBS AG, Jersey BranchVencap (Channel Islands) LimitedVolaw Trust and Corporate Services Limited Source: Jersey Financial Services Commission