FTI Consulting Extends Fund Administration Services to Include Mutual Funds in the Cayman Islands

Rhea-AI Summary

FTI Consulting (NYSE: FCN) has expanded its Fund Administration practice in the Cayman Islands, gaining a Mutual Fund Administrators License from the Cayman Islands Monetary Authority (CIMA). The firm now provides administration services for both closed and open-ended mutual funds, enhancing its existing offerings in Corporate Finance & Restructuring. Key services include NAV calculations and cash management, utilizing market-leading software for efficiency. Leading the team is Managing Director Rudolf Weder, who brings over 15 years of relevant experience. This expansion allows FTI Consulting to cater to a broader range of clients, reinforcing its commitment to high standards of service.

Positive

• Acquired Mutual Fund Administrators License from CIMA on March 28, 2023.
• Expanded service offerings to include administration for both closed and open-ended mutual funds.
• Utilizes market-leading software for efficient administration and record-keeping.
• Leadership team includes experienced professionals, enhancing service quality.
• Strengthens existing Corporate Finance & Restructuring services.

Negative

• None.

GRAND CAYMAN, Cayman Islands, April 12, 2023 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the expansion of its Fund Administration practice in the Cayman Islands to service mutual funds. Following receipt of a Mutual Fund Administrators Licence, granted by the Cayman Islands Monetary Authority (“CIMA”), FTI Consulting’s Fund Administration practice now provides administration services to both closed and open-ended funds.

Led by Managing Director Rudolf Weder, the leadership team includes Senior Managing Directors Andrew Morrison and David Griffin and Director Sean Lilley. Services offered include NAV calculations, registrar and transfer agency, cash management and payment processing, and financial statement preparation, amongst others. The business utilizes market-leading software to streamline administration functions, and to ensure clear and accurate record-keeping and investor communications. The accounting and operations teams are all based in the Cayman Islands.

The fund administration business enhances the Corporate Finance & Restructuring offering in the Cayman Islands, which has recently grown to include senior team members Yvonne Plamondon and Steve Bull, amongst several other hires.

“Since receiving our Mutual Fund Administrators Licence from CIMA on 28 March 2023, we can now provide administration services to the full spectrum of Cayman Islands-regulated investment funds,” Mr. Morrison said. “We are very proud to be adding this provision to our existing fund-focused service lines in the Cayman Islands — Corporate Finance & Restructuring, directorships and replacement manager/GP services — enabling us to provide a broad range of services for both new and existing clients.”

Mr. Weder, a Managing Director in the Fund Administration practice in the Cayman Islands, added, “Our Fund Administration practice is built on delivering the highest standards of service. The calibre of our Cayman team, combined with the global expertise and platform of FTI Consulting, means that we can provide superior services to complex funds. The Mutual Fund Administrators Licence now allows us to offer these services to a broader range of fund clients.”

Mr. Weder brings over 15 years of experience in the establishment, administration and accounting of investment funds in the Cayman Islands. Prior to joining FTI Consulting in March 2022, he was the Senior Fund Accountant for a global investor services group and a bank and trust company in the Cayman Islands, where he managed teams delivering fund administration and related services to a diverse portfolio of fund structures.

About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organisations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 7,600 employees located in 31 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $3.03 billion in revenues during fiscal year 2022. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn.

FTI Consulting, Inc.
555 12^th Street NW
Washington, DC 20004
+1.202.312.9100

Investor Contact:
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com

Media Contact:
Annie Malone
+852.3768.4606
annie.malone@fticonsulting.com

FAQ

What new services has FTI Consulting (FCN) introduced in the Cayman Islands?

FTI Consulting has expanded its Fund Administration practice to offer administration services for both closed and open-ended mutual funds.

When did FTI Consulting receive its Mutual Fund Administrators License?

FTI Consulting received its Mutual Fund Administrators License from the Cayman Islands Monetary Authority on March 28, 2023.

Who leads the Fund Administration practice at FTI Consulting?

The Fund Administration practice is led by Managing Director Rudolf Weder.

What types of funds can FTI Consulting now administer?

FTI Consulting can now administer both closed and open-ended mutual funds following its license acquisition.

How does FTI Consulting ensure service quality in fund administration?

FTI Consulting employs market-leading software and a skilled team based in the Cayman Islands to ensure accurate record-keeping and investor communications.