Cayman-based Caledonian Group says its fund administration business has been licensed in the Isle of Man as a fund administrator. Caledonian Fund Services (Europe) Limited is to take over existing fund administration mandates from Caledonian Trust (IOM) Limited and will focus on developing the Caledonian Fund Services business in the European time zone.
Caledonian has been operating in the Isle of Man since 1996, but the new licence represents a significant expansion of operations in Europe, because it means the company will develop a specialized fund administration practice. Heading the new company is Gordon Wilson, a chartered accountant who was previously a director with Deloitte in the Cayman Islands.
“Caledonian Fund Services (Europe) Limited is a key part of the group’s fund services strategy and means we can be more responsive to the needs of our European based clients, allowing them to benefit from our best in class fund services technology platform,” says Caledonian’s group Managing Director David Walker.
Caledonian Fund Services offers fund accounting, registrar and transfer agency, corporate secretarial, web-based reporting, anti-money laundering compliance and fund of funds custody to offshore funds from its offices in the Cayman Islands and the Isle of Man.
Caledonian Fund Services also provides tax consulting and US onshore fund administration from its Chicago office, while Caledonian Bank & Trust Limited provides banking facilities from its head office in the Cayman Islands.
Caledonian Fund Services is part of the Caledonian Group, which is headquartered in the Cayman Islands. It also has offices in the Isle of Man, Chicago, New York and BVI.