Mainstream BPO opens office in Cayman Islands

Fund administration company MainstreamBPO Limited group (ASX: MAI), has opened an office in the Cayman Islands after receiving approval for a Full Mutual Fund Administrators Licence from the Cayman Islands Monetary Authority (“CIMA”). MainstreamBPO’s core strategy is to provide comprehensive fund services to clients globally. The Board 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 US $5.7 trillion. The Group has existing offices in Sydney, Melbourne, Hong Kong, Singapore, New York, Douglas (Isle of Man) and Sliema (Malta). FundBPO Cayman Ltd will focus on corporate and administration services for new and existing clients with funds domiciled in the Cayman Islands. Denise DePaola, Chief Executive Officer 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.” Read the full press release here. MainstreamBPO use PFS-PAXUS fund accounting and administration software for alternative funds, such as Cayman based hedge funds, private equity funds and fund of funds with series or equalisation requirements.