Investec Launches New Fund Administration Venture In Jersey

by Philip Morton, Investors Offshore.com

31 May 2007

It emerged this week that Investec has expanded its funds administration business, opening an office in Jersey in an effort to continue to capitalise on the new business coming into the Channel Islands.

The Jersey office will begin by offering administration services to closed-ended property funds, which may or may not be listed on a recognised stock exchange.

The office will work closely with Investec Administration Services Limited (IASL) in Guernsey, which provides tailored, independent third party administration of investment schemes including property, private equity and financial market funds.

Project manager for the Jersey offering, Carole Piazza explained that it was a natural and necessary progression to launch a funds administration services company in Jersey.

“Jersey’s property funds business increased by 30% over 2006 and is now worth more than GBP27 billion to the island, with total funds administered in the Island being worth over GBP180 billion,” she revealed, adding:

“IASL in Guernsey has been successful in this market and we wanted to ensure we can continue to offer our clients the flexibility of operating in other jurisdictions, and that includes offering a professional service in Jersey."

She concluded:

“There is also a natural synergy here with Investec Trust in Jersey which offers a range of innovative property structures.”

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