The group has been issued an Australian Financial Services Licence, following the opening of a New Zealand office last year.
For the last eight years, Intertrust has provided corporate and fund administration services in Australia including company secretarial support, board support, accounting and reporting, payroll and KYC/AML services.
It reported the outsourced trustee services market for alternative funds, including private equity, real estate, venture capital, infrastructure and debt funds, continues to grow in Australia and is estimated to have more than $500 billion in assets under administration with annual revenues greater than $150 million per annum.
Intertrust corporate trust executive director Andrew Cannane commented: “Global investors are seeking service providers that have the commitment and capacity to partner with them in all of the major fund jurisdictions around the world.
“Being granted our AFSL allows us to now provide a complete end-to-end solution for alternative funds investing in Australia covering trustee, custody, fund administration and corporate services.”
Intertrust expects a mixture of new and existing clients to drive its local growth.
“We expect significant investment into Australian real assets by both local and international fund managers, institutional investors and superannuation and pension funds in the years ahead,” Mr Cannane said.
“Foreign investors will increasingly look to global, independent, non-conflicted, tech-enabled and reliable service providers to achieve economies of scale allowing them to focus on areas where they have a source of competitive advantage.”
Intertrust managing director for market offices Daniel Jaffe added expanding the group’s Australian and New Zealand operations was a key priority.
“We see tremendous growth potential for the alternative funds segment across Asia Pacific, and remain [well placed] to support this growth while continuing to invest in the region at a time where many other firms are pausing on expansionary activity,” Mr Jaffe said.
Intertrust already operates trustee services in Hong Kong, Singapore, Luxembourg, Ireland, the US, Jersey and Cayman Islands. The company has 3,800 staff worldwide.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.
Comments powered by CComment