Thu, 16/01/2014 - 16:02
Intercontinental Trust Ltd (ITL), a Mauritius-based fund administrator, has gone live with an eFront solution for the administration of its private equity funds.
ITL offers a wide range of financial and fiduciary services to global businesses, and has assets under administration in excess of USD66bn.
ITL was looking for a single solution to handle everything from the maintenance of statutory records to the release of financial statements. The firm also needed a solution that would support its strategy of continued expansion into PE investing, especially in Africa.
The implementation, which was tailored to accommodate PE fund requirements specific to Mauritius, will enable ITL to service clients more efficiently, and help the firm meet rigorous international standards. Capital call notices, distribution notices, as well as the preparation of quarterly and annual accounts will be automated, ensuring consistency and quicker data processing.
“eFront, considered to be a leading service provider of solutions for PE funds, meets our requirements as a fund administrator. Its solution complements our strategy to further expand into the PE industry,” says Yan Ng, executive director in charge of fund operations at ITL. “We are proud to be the first fund administrator in Mauritius to successfully implement eFront’s solution.”
The island nation of Mauritius has become a centre of international PE administration in recent years, largely due to government efforts to make it an inviting and profitable location.
“ITL is the first of several new eFront implementations in Mauritius to go live,” says Tarek Chouman, chief operating officer of eFront Asia & Middle East. “This confirms our commitment to serve alternative investment firms the world over, and to offer a flexible, scalable, and powerful solution for global fund management.”
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