Apex Fund Services opens Cayman office

Feb 21, 2011

Apex Fund Services, the world’s largest independent global fund administration business, is delighted to announce the opening of its Cayman Islands office.

The opening of the Cayman Islands office is part of Apex's strategy of giving fund managers access to all of the world's financial centers and providing the full suite of Apex’s fund administration services via its network of global offices, including Apex’s ground breaking real time middle office service (MOOR) and range of fund platforms.

Apex has been granted a Companies Management Licence by the Cayman Islands Monetary Authority and the Company now provides the following services: independent directors, local directors, Apex directors, corporate secretarial services and registered office services.

The Cayman office was established by Alric Lindsay, a former investment funds attorney with offshore magic circle law firms Maples and Calder and Ogier.

Following the formation of the Cayman office, Alric continues to act as an independent party, offering his expertise to Apex by assisting with the growth of the business, including the on-boarding of new clients and helping Apex to take its place as a key player in the market. He has a close working relationship with group managing director, Peter Hughes, and Apex employees Rayal Bodden, a director for over 12 years, and Shane Edwards, a former auditor and fund administrator with well-known Cayman firms.

Peter Hughes, Managing Director of Apex Fund Services Ltd, commenting on the approval: “Apex continues to grow rapidly as we support an increasing number of investment managers located all over the world. Apex already has over 220 funds registered in the Cayman Islands that it provides administration services making the opening an office an obvious choice for the next step of our global growth strategy.

“With 190 staff and over $16 billion in assets under administration, Apex’s target is to be in the top 25 fund administrators worldwide by the end of 2011. Today’s announcement is evidence that we are well on track to achieving this goal.”

Dax Basdeo, Chief Officer for the Ministry Finance, Cayman Islands Government, commented: “The Cayman Islands Government congratulates Apex Fund Services on their expansion into our jurisdiction. This is a testament that the global financial architecture is getting back on track, and that the Cayman Islands remains a top domicile of choice for hedge funds and company registrations.

We are pleased that Apex Fund Services has recognised the benefits of doing business in the Cayman Islands, and trust that their clients will take advantage of the new investment opportunities that this expansion will bring.”

Alric Lindsay, founder of the Apex Cayman office, said: "Having a background as a lawyer, an accredited director, former certified public accountant with PwC and as a regulator puts me in a unique position to make a long-term, value-added contribution to Apex. This not only comes in the form of the actual growth of the Apex business, but in my role as a non-executive, independent director to the boards of hedge funds and other structures administered by the Apex Group.

"It is a fantastic opportunity to be involved with a thriving, viable, global administrator like this. These are exciting times for Apex."

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