In a bid to bring its fund administration services into a one-stop shop for clients, Alter Domus has gained a license to administer unregulated Guernsey companies and trusts, as well as an ability to act as a corporate services provider (CSP).
Private equity firms often use unregulated companies and trusts as an alternative to fully regulated collective investment schemes, in effect reducing red tape.
As a CSP, Alter Domus will be able to incorporate Guernsey holding companies for private equity firms and other clients, no longer needing to delegate the responsibility to another CSP, such as a Guernsey-based law or accountancy firm.
Since 2007, the fund administration services provider has unveiled 14 offices worldwide, including most recently in London, Belgium and Malta. The outfit says its aggressive expansion is part of its goal to provide clients a single service provider as more alternative investment firms establish a multijurisdictional presence.
To help achieve that goal, the firm named Laurent Vanderweyen as chief executive of its Luxembourg headquarters and global head of its fund services.
Vanderweyen, who before the hire was responsible for JP Morgan’s custodian and fund administration services in Luxembourg, said in the coming months that Alter Domus will continue expanding its geographical presence and product offerings in both onshore and offshore markets.
He will be supported by two new lieutenants in Alter Domus’ Jersey office. Last month the firm hired Davinia Smith, from UK bank Lloyds, and Spencer Wells, from offshore law firm Ogier, as Jersey-based directors.