MainstreamBPO, one of the largest independent fund administrators in Australia, has launched an office in the Cayman Islands having secured approval for a Full Mutual Fund Administrators Licence from the Cayman Islands Monetary Authority (CIMA).
FundBPO Cayman will focus on corporate and administration services for new and existing clients with funds domiciled in the Cayman Islands.
The board of MainstreamBPO said it sees operations in the Cayman Islands as key to its global ambitions, given there are more than 10,000 mutual funds registered/licensed with CIMA with assets of $5.7 trillion.
The group has existing offices in Sydney, Melbourne, Hong Kong, Singapore, New York, Douglas (Isle of Man) and Sliema (Malta).
Denise DePaola, chief executive of MainstreamBPO’s North American operations, will oversee and be the managing director of the group’s Cayman Islands’ operations.
Byram Johnston OAM, MainstreamBPO chairman and managing director, 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.”
MainstreamBPO, Australia, Cayman Islands, CIMA