News / 29 October 2014
Crestbridge records impressive funds business growth
Over the twelve months between June 2013, when the firm unveiled its Crestbridge brand, and June 2014, the firm has seen the value of funds it administers grow from £1.84 billion to £15.06 billion, representing an unprecedented increase of more than 700%.
Contributing to this growth were a number of key business wins for the firm. These included establishing and providing administration services to the Jersey-domiciled ‘Kennedy Wilson European Real Estate’ fund, which raised £1 billion and became the second largest real estate IPO in LSE history, and being appointed to provide a range of administration and oversight services to a number of Jersey-domiciled asset management companies for a major US REIT asset manager with an approximate value of US$6 billion.
This has been bolstered by a number of additional new UK and continental European fund mandate wins and existing clients increasing their use of Crestbridge’s services, across the real estate and private equity asset classes.
In an incredibly successful year, Crestbridge also facilitated and completed the first registration in Jersey of an AIFMD-compliant private equity fund with the Jersey Financial Services Commission, and became one of the first to be granted Alternative Investment Fund Manager licensing by the Luxembourg regulator (CSSF) in order to become a provider of management company services to alternative investment funds.
Commenting on the year’s success, Graeme McArthur, CEO, Crestbridge, said:
“It’s been an incredibly successful twelve months since the Crestbridge brand came into existence, as we have looked to focus on becoming a thriving player in carefully selected key markets. This is exemplified in these latest figures for our fund administration business, whilst right across the offices in Jersey and Luxembourg over the same period we have seen our total headcount grow by 37%.
“We’re now looking forward to building on this success and have ambitious plans in place that will see Crestbridge secure its place as a market leader in its specialist fields and expand into new geographic markets.”
Crestbridge offers a range of fund, real estate, corporate, capital markets and family office services. The firm has a 16 year pedigree in financial services, administers over US$50 billion of assets across multi-jurisdictional structures, and supports a broad range of blue chip corporate and institutional clients.