Intercontinental Trust goes live with eFront
16 January 2014 | 1012 views | 0
eFront, a leading software provider of financial solutions for managing alternative investments, is pleased to announce that its first implementation in Mauritius has gone live.
The firm in question is Intercontinental Trust Ltd. (ITL), a leading Fund Administrator. Founded in 1999, ITL offers a wide range of financial and fiduciary services to global businesses. Today, the assets of the companies under ITL's administration exceed $66 billion.
ITL sought to put the administration of all its private equity (PE) funds under one solution, from the maintenance of statutory records to the release of financial statements. The firm also needed a solution that would support its strategy of continued expansion into PE investing, especially in Africa. After an in-depth comparison of providers, eFront was chosen due to its fully automated and customizable solutions.
The implementation, which was tailored to accommodate PE fund requirements specific to Mauritius, will enable ITL to service clients more efficiently, and help the firm meet rigorous international standards. Capital call notices, distribution notices, as well as the preparation of quarterly and annual accounts will be automated, ensuring consistency and quicker data processing.
"eFront, considered to be a leading service provider of solutions for PE funds, meets our requirements as a fund administrator. Its solution complements our strategy to further expand into the PE industry," commented Yan Ng, Executive Director in charge of fund operations at ITL. "We are proud to be the first fund administrator in Mauritius to successfully implement eFront's solution."
The island nation of Mauritius has become a center of international PE administration in recent years, largely due to government efforts to make it an inviting and profitable location. Mauritius offers investors and businesses attractive corporate and income tax rates, as well as a highly educated multicultural and multilingual population. In the World Bank's "Doing Business Survey 2014" report, Mauritius scores 20th in the Ease of Doing Business Index out of 189 countries surveyed and ranks 1st in the Africa region.
"ITL is the first of several new eFront implementations in Mauritius to go live," said Tarek Chouman, COO of eFront Asia & Middle East. "This confirms our commitment to serve alternative investment firms the world over, and to offer a flexible, scalable, and powerful solution for global fund management."