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Apex: Bermuda favoured jurisdiction again due to change in govt.

Bermuda is back to being a favoured jurisdiction for fund managers to be based in part because of the change in Government, Apex Fund Services declared yesterday.

In naming David Brown as the new managing director of its Bermuda office, Apex said in a statement: “David has worked in the fund administration industry in Bermuda for the last 10 years.

“The recent change in Government together with the launch of Apex’s Emerging Manager Incubation Services, which includes free office space for emerging managers, have led to Bermuda returning to being a favourable jurisdiction for fund managers to be based.”

Bermuda’s Apex has grown into one of the world’s largest independent fund administration companies.

One of Mr Brown’s roles will be to target European and US fund managers for both their fund domicile and for the location of their funds’ operations.

“Bermuda offers a more favourable tax environment, robust regulations and at the same time lower operating costs than operating under AIFMD,” Apex said.

Mr Brown replaces Apex’s Group managing director, Peter Hughes, who has managed the Bermuda office since he founded the company there ten years ago.

Mr Brown was most recently a senior manager of operations for Butterfield Fulcrum, and prior to this he held a senior management position at CACEIS Investor Services (formerly Olympia Capital) in Bermuda.

He also worked for PwC, both in England and Bermuda, within their Alternative Investment and Banking group.

“Having started Apex originally from Bermuda and grown it to become one of the larger Bermudian administrators, I will always have a particularly close affiliation with the office, its clients and its employees,” Mr Hughes said.

“Bermuda gave Apex the springboard to become the global company it is today.”

He continued: "It has taken time to find someone with the right credentials to hand over the office to and I am delighted that David has agreed to join the Apex family and maintain the growth of Apex Bermuda by capitalising on the fresh opportunities Bermuda now offers.”

Mr Brown commented: “From its origins in Bermuda, Apex has grown fast to become one of the most successful international fund administration businesses. While they are hard shoes to fill I very much look forward to taking forward the work Peter has successfully done in Bermuda and leading the company into the next stage of its growth.

“The Bermuda office has a strong legacy of being at the forefront of developing new services for its clients and with the launch of its Insurance Linked Securities administration services, Apex’s reputation will continue to be built on innovation and the highest client servicing levels.”

Apex has more than $23 billion under administration, more than 400 clients and over 300 employees in 29 offices across 20 countries.

David Brown, new managing director of Apex in Bermuda.

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Published May 15, 2013 at 9:00 am (Updated May 14, 2013 at 7:46 pm)

Apex: Bermuda favoured jurisdiction again due to change in govt.

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