MainstreamBPO, the listed third-party fund administrator, has continued its global expansion through the opening of an office in the Cayman Islands following the receipt of regulatory approvals.
The Cayman Islands represent a popular domicile for alternatives funds – both institutional and wholesale – which should expand the company’s potential client universe.
The new office follows expansion into Europe late last year, with new offices on the Isle of Man and Malta, and before that in North America with an office in New York opened in July last year.
The American expansion was given a quick boost with the acquisition of a US hedge fund administrator, Fundadministration Inc., a month later. That firm’s chief executive, Denise DePaolo, is now the chief executive for MainstreamBPO’s North American business. She will also oversee the new Caymans business.
MainstreamBPO co-founder Martin Smith set up the Asian presence for the company several years ago, with offices in both Hong Kong and Singapore.
Byram Johnson, managing director and co-founder, said last week that the Caymans were the jurisdiction of choice for global investors and were also 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,” he said.