Anglo Irish Bank Launches Isle Of Man-Based Fund Services Company

by Carla Johnson, Investors Offshore.com

23 February 2005

Anglo Irish Bank has announced the launch of a new fund services company based in the Isle of Man which will provide full administrative services to offshore collective investment schemes.

According to the bank, the new operation, to be known as Anglo Irish Fund Services Limited (AIFSL), will provide a range of services including: guidance on the choice of domicile and fund structure; liaison with legal advisors in the production of the fund’s Offering Memorandum and material agreements; liaison with other service providers to set up accounts and establish relationships; entering into service level agreements with fund sponsors; and incorporating fund companies and producing initial board minutes.

In addition, AIFSL will offer accounting and valuation services, share registration and transfer agency services and corporate secretarial services.

The new division is headed by Richard Bolton who has over 14 years experience in the industry, with particular expertise in the areas of private equity and funds of funds, gained through his previous senior management positions in leading fund administration companies on the island.

Commenting on the new services, Mr Bolton observed that: “The choice of fund administrator is key to the operation and success of any offshore mutual fund.”

He went on to explain that:

“Clients, be they boutique fund managers operating a single fund, or a large fund management company operating a multitude of funds and classes, need to be confident that the administrative services offered to their fund will be cost effective, rigorously ethical, and seamless in operation.”

“Anglo Irish Fund Services Limited can provide that confidence, freeing managers to concentrate on devising and executing successful investment strategies for the benefit of the fund's shareholders.”

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