Local fund business boosted by major acquisition

(CNS): As Cayman’s fund sector rebounds from a worrying trend of relocations the industry has received a further boost with the purchase by the world’s largest independent fund administrator of its competitor’s operations in the Cayman Islands. Wells Fargo has sold its Cayman Islands-based trust company to Citco for an undisclosed amount which the firm says will be integrated into it private client portfolio at its Cayman HQ. The news comes just after the most recent figures revealed that at the end of the third quarter funds in Cayman had surpassed 9500.