The group has obtained an Australian financial services license, following the opening of an office in New Zealand last year.
Over the past eight years, Intertrust has provided corporate and fund administration services in Australia, including corporate secretarial services, board support, accounting and reporting, payroll and KYC/AML.
It said the market for outsourced trust services for alternative funds, including private equity, real estate, venture capital, infrastructure and debt funds, continues to grow in Australia and is estimated to over $500 billion in assets under administration with annual revenues in excess of $150. million per year.
Andrew Cannane, executive director of Intertrust Corporate Trust, said: “Global investors are looking for service providers who have the commitment and ability to work with them across all the world’s major fund jurisdictions. »
“Obtaining our AFSL now allows us to provide a complete end-to-end solution for alternative funds investing in Australia, covering trustee, custody, fund administration and corporate services. »
Intertrust expects a mix of new and existing customers to drive its local growth.
“We expect significant investment in Australian real assets from local and international fund managers, institutional investors and superannuation and superannuation funds in the coming years,” Mr Cannane said.
“Foreign investors will increasingly look to global, independent, conflict-free, technological and reliable service providers to achieve economies of scale allowing them to focus on areas where they have a source of competitive advantage.
Daniel Jaffe, Intertrust’s managing director for market offices, added that expanding the group’s operations in Australia and New Zealand was a key priority.
“We see enormous growth potential for the alternative funds segment in the Asia-Pacific region and remain [well placed] to support this growth while continuing to invest in the region at a time when many other companies are suspending expansionary activity,” Mr Jaffe said.
Intertrust already operates trustee services in Hong Kong, Singapore, Luxembourg, Ireland, United States, Jersey and the Cayman Islands. The company has 3,800 employees worldwide.
