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: Its
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
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
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.