APEX Fund Services, an international fund administration business, has established itself in the Isle of Man.
Tim Parkes, ex Barclays managing director, has been appointed to head the new office. The firm already has offices in eight other locations worldwide including Bermuda, Dubai, Hong Kong, Ireland, Mauritius and Singapore.
“Setting up in the Isle of Man is a key move for APEX. We have a first class reputation with our clients and boast the world class systems and controls of a major global player in fund administration. We look forward to bringing to the Isle of Man the client service and people philosophy that ensures bespoke, relationship based customer engagement,” says Tim Parkes, managing director, APEX Fund Services (Isle of Man) Ltd.
“This is great news for the Isle of Man. APEX brings expertise in fund administration to the Island’s dynamic funds sector and is a perfect fit with our strategy for the industry’s long-term development. We expect this piece of new business to bring us one step closer to the ambitious target set by the Isle of Man Fund Management Association (FMA) of reaching $150 billion assets under administration and management on the Island by 2010,” adds Brian Donegan, director of Foreign Direct Investment, Isle of Man Finance. .