Standard Bank is expanding its fund services both in Jersey and Mauritius. The bank recently establ...
Standard Bank is expanding its fund services both in Jersey and Mauritius.
The bank recently established a team of five in its Mauritius office to handle in-house retail fund business, in order to free up resources in Jersey to concentrate on specialist funds activity. The bank has also recruited a further 11 staff in Jersey to meet increasing workloads.
Peter Hart, managing director of Standard Bank Fund Administration Jersey, said: "To cater more effectively with the increasing level of hedge funds, private equity and property fund work that has been attracted to the Jersey office, particularly from the emerging markets, we have decided to relocate some of our retail fund administration activity to Mauritius.
"Meanwhile, staff in Jersey who had been working on retail funds are being given extra training to enable them to support the work in the alternative funds sector."
Standard Bank has also embarked on a major push in developing its distribution through the IFA market in Europe. In the Isle of Man, it has appointed Linda McLaren as European development manager. McLaren's focus will be on developing new IFA relationships around Europe and her role will include developing distribution for the bank's products and services, including offshore banking and investment products.
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