Barings Announces New Jersey Fund Administration Service

by Phillip Morton, Investors Offshore.com

16 September 2003

Baring Financial Services Group has announced that it is to launch a third party fund administration office in Jersey which it hopes can capitalise on the success of a similar operation in neighbouring Guernsey.

Known as International Fund Managers (Jersey) Limited (IMFJ), the new enterprise intends to utilise conventional and alternative and emerging asset classes through fund administration and private equity, fund of funds, property and hedge fund vehicles. The firm is also hoping that Jersey's new fast track authorisation process will stimulate growth in the island's private equity fund administration industry.

Commenting on the launch of the new fund, Jeffrey Burton, Chief Executive of the Baring Financial Services Group, said: "Our long-established presence in Guernsey has given us a sound understanding of Channel Islands fund issues and a clear appreciation of the distinct differences between Jersey and Guernsey. This expertise enables us to provide practitioner-led services that support the growth of the varied funds we administer."

Mr Burton continues: "Expanding our activities in Jersey is a logical step for the Baring Financial Services Group. In keeping with our existing office locations, we regard Jersey as being in the premier league of international finance centres. We will build on our existing knowledge and reputation for specialist third-party administration and develop aspects of our business which are unique to the Jersey market-place."

Dedicated fund administration services are currently available through existing BFSG offices in Guernsey, London, Dublin and the Isle of Man. According to the firm, total funds under administration and held in custody and trust were US$90.2 billion (£57.18 billion) at 31 August 2003. BFSG administered funds with assets in excess of US$46 billion (£29.2 billion) at 31 August 2003.

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