New fund services firm sets up shop in Cayman

(CNS): The world’s largest independent, global fund administration business is opening an office in the Cayman Islands. Apex Fund Services has been granted a Companies Management Licence by the Cayman Islands Monetary Authority and will now provide independent directors, local directors, Apex directors, corporate secretarial services and registered office services from Grand Cayman. Dax Basdeo, Chief Officer for the Ministry Finance congratulated Apex on behalf of the government on its expansion into Cayman. “This is a testament that the global financial architecture is getting back on track, and that the Cayman Islands remains a top domicile of choice for hedge funds and company registrations,” Basdeo said.

“We are pleased that Apex Fund Services has recognised the benefits of doing business in the Cayman Islands, and trust that their clients will take advantage of the new investment opportunities that this expansion will bring,” he added.

The local office has been established by Alric Lindsay, a former investment funds attorney with offshore firms Maples and Calder and Ogier and Lindsay will continue to act as an independent party, offering his expertise to Apex by assisting with the growth of the business, helping Apex to take its place as a key player in the market.

“Having a background as a lawyer, an accredited director, former certified public accountant with PwC and as a regulator puts me in a unique position to make a long-term, value-added contribution to Apex,” he stated. “This not only comes in the form of the actual growth of the Apex business, but in my role as a non-executive, independent director to the boards of hedge funds and other structures administered by the Apex Group. It is a fantastic opportunity to be involved with a thriving, viable, global administrator like this."

Apex employees include Rayal Bodden, a director for over 12 years, and Shane Edwards, a former auditor and fund administrator with well-known Cayman firms.

Peter Hughes, (Pictured above) Managing Director of Apex Fund Services Ltd, commenting on the approval of the licence said: “Apex continues to grow rapidly as we support an increasing number of investment managers located all over the world. Apex already has over 220 funds registered in the Cayman Islands that it provides administration services making the opening an office an obvious choice for the next step of our global growth strategy.”

The firm has 190 staff and over $16 billion in assets under administration and the firm aims to be in the top 25 fund administrators worldwide by the end of 2011.