Funds Clearing (Bahamas) Limited is designed to provide support for fund administrators in Nassau who wish to outsource some or all of the components of their back and middle office operations, including, according to a joint statement released at the launch: 'automated interfaces to capture position management, integrated feeds from multiple brokers, daily trade and positions reconcilliations, daily mark-to-market interfaces, (and) daily/weekly/monthly investor reporting,' all delivered via a web-based delivery platform.

Speaking about the need for this new service, Oceanic's Vice President of Investments, Bill Thomson observed that:

'The fund administration industry is burdened with antiquated systems and time consuming manual practices, which are inappropriate and inefficient in today's environment. Our own clients are demanding greater transparency, daily and in some cases intra-daily NAVs.'

'The world of fund administration has become a whole lot more competitive with the advent of Internet-enabled systems. Fund administrators are being forced to adopt new performance standards and expensive system changes, while facing pressure to reduce fees. Funds Clearing (Bahamas) Limited has the solution.'