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Fund Corporation Secures Guernsey Administration Contract

Thursday, April 14, 2011

Fund Corporation of the Channel Islands has announced that it has won a contract to provide administration services to four major open-ended funds domiciled in Guernsey with a total value of some USD250m.

The firm has now taken on three new but experienced fund administrators to help continue to achieve a solid growth trajectory over the coming year and beyond. Paul Everitt, Managing Director of Fund Corporation, said: “It’s an exciting time for the company. The new hires reinforce the positive impact we have been making in the fund administration sector and also reflects the continued interest in appointing Guernsey companies to provide these specialist services.”

Guernsey is recognized as a specialist jurisdiction for both open-ended and closed-ended vehicles, be they private equity, real estate, hedge funds, fund of funds or equity investing. At the end of December 2010, the total value of closed-ended funds in Guernsey was GBP109bn compared to GBP58bn for open-ended schemes.

The company predicts a strong year ahead, aiming for a 60% growth rate, despite the struggling global economy.

On his appointment, new Manager Steve Mahy said: “I am delighted to be part of such a dynamic organization. The company is winning new funds and has ambitious plans for the future. I want to help drive the team to deliver against client demands and always add value to not only the administration but overall management of funds, particularly investor reporting.”