(CNS): Local financial firm Maples Finance will be focusing onshore this Monday when it opens its first office on the North American content The firm said its new location in Montreal, Canada represents another major step in the development of the Cayman based company in a worldwide network of offices in significant financial centres. Over just the past three years it has set up offices in Dublin, Dubai, Hong Kong and Luxembourg. It said the Montreal office will provide a full range of fund administration services to onshore and offshore funds, managed by global investment management firms and financial institutions.
Of Maples Finance’s 106 staff in Cayman, just four will be locating to Montreal. That includes one Caymanian, who according to Maples Finance’s CEO Maxine Rawlins "requested the relocation as a chance to gain experience overseas". Ms Rawlins added that "of course, we were very happy to offer her that opportunity".
There will be no further reduction in Maples Finance’s Cayman operation as a result of the establishment of the Montreal office. Maples Finance remains committed to the Cayman Islands, and intends to grow its Cayman fiduciary, liquidations and registrar and transfer agency businesses as well as provide client accounting and fund administration services from the Cayman office.
Maples Finance has selected Montreal as the location for its newest office because of its position as a global financial centre and a gateway to North American markets. Operating as Services Administratifs de fonds Maples, Inc., it hopes that eventually the Montreal office will employ in excess of 50 people.
