An ASX-listed fund administrator opened an office in the Cayman Islands this week after receiving licence approval from the territory's monetary authority.
MainstreamBPO said its board sees operations in the Cayman Islands as key to its global ambitions, including the core strategy of providing comprehensive fund services to clients. It said there are more than 10,000 mutual funds registered or licensed with the Cayman Islands Monetary Authority with assets of US$5.7 trillion.
Chief executive of MainstreamBPO's North American operations, Denise DePaola, will oversee the Cayman Islands' operations as managing director.
MainstreamBPO chairman and managing director Byram Johnston said: "The Cayman Islands is the jurisdiction of choice for global investors and is at the forefront of fund governance and regulation. With our office in the Cayman Islands we have global operations to support our clients across the major fund services regions."
In Australia, the administrator provides fund administration, superannuation administration and share registry services for a diversified client base. It has existing offices in Sydney, Melbourne, Hong Kong, Singapore, New York, Isle of Man and Malta.
As at September 2016, administration services were provided to 449 funds with assets in excess of $95 billion, supporting more than 123,000 investors.