Barings Opens Fund Administration Office In Jersey

by Carla Johnson, Investors Offshore.com, London

03 March 2004

Baring Financial Services Group says that it has opened a new third-party fund administration office in Jersey. International Fund Managers (Jersey) Limited (IFMJ) will provide comprehensive third-party fund administration services for a variety of structures in conventional, emerging and alternative asset classes. The office will combine extensive administration capability with specialist expertise in private equity, property, hedge and fund of funds.

The new office will complement the Group's Guernsey fund administration office, the island's largest third-party fund administrator, and other dedicated fund administration offices located in London, Dublin and the Isle of Man. These offices collectively administer funds valued in excess of US$55 billion.

The opening of the Jersey office coincides with the Jersey Financial Services Commission's introduction of a new fast-track Expert Funds authorisation process for funds aimed at sophisticated, institutional and high-net-worth investors.

Baring Financial Services Group Chief Executive, Mr Jeffrey Burton, said:

"Our extensive experience in administering private equity, property and hedge funds as well as conventional fund administration will enable us to provide specialist services to investment vehicles established under the new Expert Funds regime. We believe the new authorisation framework will create demand for service-providers who can demonstrate a flexible and specialist approach. Ours is a service delivered by knowledgeable, experienced and dedicated practitioners who are
committed to meeting clients' varying requirements."

The Jersey office will be spearheaded by Mr Graeme McArthur who has worked in the Jersey finance industry for more than 16 years. Mr McArthur was Head of Operations - Fund Administration, for Deutsche Bank's former Jersey fund administration business. He was most recently Head of Client Services and Operations at State Street Holdings (Jersey) Limited, which has involved integrating Deutsche Bank's Jersey fund administration business into State Street's Jersey office. During his career, Mr McArthur has gained extensive experience in client service, operations and new business establishment.

Baring Financial Services Group has appointed Mr Christopher Harris as part-time external director with overall responsibility for regulatory oversight and compliance. Mr Harris, who has had wide experience in fiduciary management as well as captive insurance, bond and warrant issues, is and will remain a partner in Nigel Harris and Partners, the Jersey based firm of English Solicitors.

Mr McArthur said: "It is an exciting time to be opening a new fund administration business in Jersey. The introduction of a new streamlined authorisation process for Expert Funds will encourage this rapidly growing market sector. We are well-positioned to service this type of activity; the Baring Financial Services Group already possesses a long-standing expertise in alternative and specialist funds' administration. Our commitment to providing a quality service through a flexible approach will be ideally suited to the Jersey marketplace."

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