New Fund Administration Business Sets Up in Jersey

Nick Parmee

1 May 2008

A new specialist fund administration business has been established in Jersey. IFG Fund Solutions, made up of IFG Fund Administration (Jersey) and IFG Fund Administration (IOM), was formed in 2007, following the acquisition of Northern Trust’s fund administration business in the Isle of Man in June 2007 for £3.23 million ($6.36 million). It received its Jersey funds business licence earlier in 2008. A wholly owned subsidiary of IFG Group, the firm is headed by four senior directors - Marie du Feu, Simon Garnier, Kirby Garrod and John Martin - and supported by a further eight staff in Jersey and nine team in the Isle of Man. All four directors joined IFG in 2007, having previously run the Jersey fund administration business of international banking group Standard Bank. Managing director Marie du Feu will oversee the accounting, reporting and company secretarial services provided to administered funds and will also act as client relationship manager and as primary contact for a number of fund clients. She has also worked for Citibank, Perpetual and Kleinwort Benson. Mr Garnier will manage the team responsible for producing valuations and maintaining the fund accounting records. He previously worked for Lazard Fund Administration, taken over by Standard Bank Offshore in 1999. Prior to that he worked for Warburg and Mercury Asset Management. Mr Garrod is responsible for new business and the legal and risk aspects of the fund administration business. He will also be acting as client relationship manager and as the primary contact for a number of fund clients. Mr Martin has formerly held senior management positions at Standard Chartered, Westpac, Ansbacher and Lazard.