Fund administrator MainstreamBPO has opened an office in the Cayman Islands after receiving approval from the Cayman Islands Monetary Authority.
FundBPO Cayman will focus on corporate and administration services for new and existing clients with funds domiciled in the Cayman Islands.
Denise DePaola, CEO of MainstreamBPO’s North American operations, will oversee and act as managing director of the group’s Cayman Islands’ operations.
The opening is the latest development for MainstreamBPO following its expansions into Europe and the US in 2016.
Last July the Australian fund administrator opened an office in New York with the aim of gaining increased access to the world’s largest hedge fund market.
In addition, the group also revealed in September its European expansion plans with moves into London, Dublin and Malta.
Prior to these recent moves, MainstreamBPO’s operations in Australia, Hong Kong and Singapore served 420 funds with assets exceeding $84 billion.
“The Cayman Islands is the jurisdiction of choice for global investors and is at the forefront of fund governance and regulation,” said Byram Johnston, chairman and managing director at MainstreamBPO.
“With our office in the Cayman Islands we have global operations to support our clients across the major fund services regions.”