Hedge Fund Administrator Expands Into Cayman Islands

by Amanda Banks, Tax-News.com, London

16 June 2006

Viteos Fund Services, a global hedge fund operations service provider, has announced that it has opened a Cayman Islands office to support rapid business growth.

According to Viteos, a division of Viteos Capital Markets Ltd., the launch of a dedicated Cayman operation enables it to offer high quality offshore fund administration service to its existing and potential offshore fund clients.

"Our new Cayman facility is in direct response to client demand as approx. eighty percent of the world's hedge funds are registered with the Cayman Islands Monetary Authority (CIMA)," explained Shankar Iyer, CEO of Viteos Fund Services.

"We identified the need to have our own local presence to complement our Bangalore, India-based processing center within our global delivery model," Iyer added.

Viteos is an integrated US-India based provider of specialized services to various intermediaries in the Capital Markets - Asset Managers, Broker-Dealers, Investment Banks, and Financial Information Service Providers.

Viteos Fund Services Ltd. is a Cayman Islands exempted company licensed with the Cayman Islands Monetary Authority.

Leading the fund administration team in Cayman is Derri Lee, Manager of Investor Services, who has amassed ten years of Cayman-based experience in offshore investment funds, previously with Fortis Bank (Cayman) Ltd. and Deutsche Bank, and was the recipient of the Cayman Islands Bankers' Association Award in 1997.

Lee will be responsible for overseeing Viteos' hedge fund capabilities in Cayman, offering end-to-end middle office, accounting and administration services.

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