The latest annual review from Guernsey based fund administrator,
Augentius Fund Administration, shows continued rapid growth and
geographic diversification in a business which only completed its
MBO two years ago.
Augentius is a specialist private equity and property fund
administrator having been formed in 2003 with 7 staff. Some 6 years
later the business has grown to over 110 staff (growing by
approximately 40% in the last 12 months) and distributed nearly
20,000 quarterly and annual accounts to over 3,750 investors and
Limited Partners during 2008.
Originally based in Guernsey and London, Augentius has expanded
substantially during the year opening offices in New York, Hong
Kong and Singapore and has plans for further geographic
diversification and growth including Luxembourg and China.
"We have in a very short space of time, created a truly
global client-base and as our business grows we will expand our
network of offices into both the domiciles and locations required
by our clients," commented Kerry-Anne Morley, Managing
Director of Augentius Fund Administration (Guernsey) Limited.
David Bailey, Managing Partner, Augentius Fund Administration,
said: "The outsourcing of private equity and property fund
administration is becoming the norm rather than the exception and
our services are in high demand. Investors are demanding more and
more detailed information about their investments and without the
proper systems and resources it is difficult, time consuming and
costly for fund managers to meet these LP demands. With GPs having
to focus more and more of their time on portfolio issues the
outsourcing of the fund administration is becoming an increasingly
J.P. Harrop, Managing Partner, Augentius Fund Administration,
commented: "Limited Partners are also becoming much more
focused on 'back-office' issues. We are increasingly seeing
Limited Partners carry out formal due diligence on the
administration processes prior to committing to a fund. This is the
norm in other investment sectors and happening with increasing
regularity in private equity and property funds. Given the issues
relating to the Madoff fund this will only increase –
investors are becoming increasingly cautious before making
commitments to funds and need to be certain that proper procedures,
resources and technology are in place to ensure they receive timely
and accurate reporting from the fund. The involvement of third
party administrators in this process is only likely to increase as
investors seek more involvement from independent
Barry Carroll, President and CEO, Augentius Fund Administration
(New York) Inc, said: "We have taken our business from a
concept into being a truly global player. We are setting the
standards for our industry in terms of quality and growing the
business on a global basis. 2009 will be challenging for all of us
but I see no reason whatsoever as to why our business will not
continue to grow at a rapid pace."
The Augentius Fund Administration Group is a specialist Fund
Administrator purely focused on the Private Equity and Property
Fund Sectors. Having launched in 2003, Augentius now administers
over $68bn of Private Equity Funds, for over 50 GP groups providing
reporting, on behalf of its clients, to over 3,800 LPs from its
offices in Guernsey, New York, London, Hong Kong and Singapore.
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