Heather Capital Limited, an Isle of Man master feeder fund, has turned to Gibraltar-based administrator, Capita Financial Administrators (Gibraltar) Limited to take over its fund administration.
David Wahnon, Capita Financial’s Managing Director in Gibraltar, said: “The Rock’s fund services industry continues to thrive and is increasingly being considered by fund managers when setting up fund structures in alternative jurisdictions.
Heather Capital’s assets exceed US$500m which shows that Gibraltar is not only attracting smaller hedge fund business but is also able to attract larger promoters seeking a well regulated quality jurisdiction to carry out fund business.
This is a great achievement for Capita Financial and for the Gibraltar funds industry in general, and proves that we are perceived as a maturing jurisdiction that is able to compete on a broader spectrum.”
Capita Financial Administrator (Gibraltar) Limited was acquired by the Capita Group in April 2007 and has since secured $1billion of funds under administration.