Ansbacher Fund Services (AFS), part of the Ansbacher Group, has announced the creation of a European product for its private equity and fund administration service. The group has secured FSA authorisation to administer UK structures including private equity limited partnerships.
UK and European private equity managers have traditionally been reluctant to outsource their back office services. Yet managers are increasingly facing demands from limited partners and investors for enhanced reporting and transparency. They are also coming under increasing regulatory pressure particularly in respect of anti-money laundering issues.
Ansbacher is one of several fund administration service providers targeting the private equity at a time when outsourcing is becoming a more viable option for smaller and medium sized private equity funds. Last year the firm appointed former Bank of Bermuda vice president Barry Carroll as head of a newly launched fund services division.
Outsourcing converts relatively fixed costs for the investment manager (the cost of systems and staff) into a direct expense for the fund as administrator’s costs are virtually always borne by the fund or its limited partners.
AFS is using an enhanced version of an administration system developed by Investran.
The firm has offshore fund administration capabilities through its offices in Guernsey, Jersey and Cayman.