International fund firm attracted to Guernsey

AN INTERNATIONAL fund administrator with offices in 28 cities worldwide has opened in Guernsey.

Apex Fund Services was established in 2003 and now employs more than 300 people, with funds under administration of $23bn.

The company, which will be headed locally by experienced funds professional Steve Cuddihee, pictured, said it was attracted to the island primarily for its reputation with private equity funds.

'Apex is constantly looking at opening offices in different jurisdictions where there is a specific market. Private equity is the point of differentiation that Guernsey has which emerging markets of Latin America, the Middle East and Asia are looking for,' said Mr Cuddihee, who has 25 years in the industry in London and Guernsey, where he was previously a director at Praxis and before that managing director of Bourse Fund Administration.

'The island is very much on the radar of fund managers in these jurisdictions.'