Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, today announced that Appleby Management (Mauritius) Ltd (Appleby) has selected Linedata Admin Edge to run its administration services in Mauritius as it gears up for expansion into new markets.
Appleby chose to switch to Linedata for its superior client service and excellent ROI, as well as a need for platform flexibility and breadth of coverage to enable it to meet its growth plans.
Appleby is one of the world's largest providers of offshore legal, fiduciary and administration services, with a presence in twelve jurisdictions around the world. Appleby Mauritius has increasingly expanded into private equity funds and closed-end vehicles, with a focus on Africa, whilst retaining and growing its current administration business. The firm sought an integrated fund administration platform which could cover traditional, hedge and private equity funds, with sufficient breadth of instrument coverage, flexibility and scalability to meet its immediate and future needs. The fact that Linedata Admin Edge had a record of being regulation-ready well in advance of deadlines, including for FATCA, was important, as was the flexible, multi-lingual investor reporting and web portal.
Malcolm Moller, Managing Partner – Mauritius of Appleby commented, "Although changing systems can potentially be an onerous task, we took a strategic view. Linedata Admin Edge can support us in our current business and our immediate future needs as we expand our fund administration services. Not only that, but the flexibility, scalability, web-readiness and automation capabilities of the platform mean that we are confident of Linedata's ability to continue to support us as we further expand Appleby's client base in the region."
Linedata and Appleby worked together to ensure that Linedata Admin Edge was fully implemented and live within eight weeks for Appleby's fund accounting and transfer agency business.
Thierry Soret, Head of Back Office Asset Management at Linedata, remarked, "We are delighted to welcome Appleby as a client. We are seeing many more fund administrators taking on private equity business as they broaden their portfolios in line with changing client requirements. This previously niche market is growing, moving more into the mainstream and Linedata is well placed to serve it. Linedata Admin Edge can handle traditional, hedge and private equity funds, coupled with excellent client support in all time zones and great cost effectiveness."