Close Brothers (Cayman) Limited recently opened a South African office to administer some of its international assets.
Through its predecessors, Close Brothers has operated in the Cayman Islands for more than 30 years. The Cayman Islands’ operation is a subsidiary of Close Brothers Group plc, a 129-year-old London-based investment bank.
Under the name Close Fund Services South Africa (Pty) Ltd., the Cape Town-based office will offer administration services for hedge funds, fund of funds, global equity and fixed income instruments, said a press release.
‘The country has a well-run economy, sound infrastructure, a similar time zone and is competitively priced,’ explained Chief Executive Officer Colin Keogh. ‘We specifically chose Cape Town because it is already a well-established location for fund administration and therefore offers us access to a large pool of skilled employees with the relevant experience.’
Close Brothers administers international assets of more than $20.4 billion. Its South African office currently employs 25 people with Andrew Cole as the unit’s CEO. According to Mr. Cole, he sees the company growing by more than 100 people within the next two years.
‘The opening of the office in South Africa is primarily to cater to our European fund administration business in Guernsey,’ explained Linburgh Martin, Managing Director of Close Brothers (Cayman) Limited. ‘However, it will be beneficial to Close Fund Services in the Cayman Islands by giving it greater strength and depth to cater to our expanding client base. It potentially gives our fund administration operation greater scale, depth of human capital and resilience as we compete in an ever changing and smaller world.’
WHO THEY ARE
Close Brothers (Cayman) Limited (‘Close’) is a subsidiary of Close Brothers Group plc, which has its headquarters in London.
Close Brothers Group plc is the largest independent merchant banking group in the UK and is amongst the 150 largest companies (measured by market capitalization) listed on the London Stock Exchange. Its total assets exceed £4.8 billion. Founded in 1878, Close Brothers Group plc today employs more than 2,400 people in its offices in the Cayman Islands, Guernsey, the Isle of Man, Jersey, Switzerland, Spain, Germany, South Africa and the UK.
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