Bank Of Bermuda Launches South African Joint Venture

by Philip Morton, Investors Offshore.com

30 July 2003

The Bank of Bermuda revealed on Monday that its Global Fund Services Division (GFS) is launching a joint venture with South African-based Investment Data Services (IDS) which will offer third party fund administration services to the growing South African alternative investment industry.

The new venture, Global Fund Services (South Africa) (Pty) Limited will be majority owned by the Bank of Bermuda, but will be based at IDS's Cape Town premises.

It will provide specialised fund accounting and valuation, sales and marketing, relationship management, and legal and compliance support to alternative investment funds incorporated in South Africa.

Explaining the reasoning behind the establishment of the new venture, Paul Smith, head of Bank of Bermuda's Global Fund Services, observed that:

'The South African alternative investment market is fast developing and we expect new legislation shortly, which will facilitate the establishment of hedge funds. Given our core focus is on servicing specialist and emergent managers with complex needs, this growing segment of the market is an ideal strategic fit for our business. We will be the first dedicated provider of solutions tailored specifically for this market.'

Recommended