Crestbridge has secured a licence from Luxembourg financial services regulator Commission de Surveillance du Secteur Financier (CSSF) to carry out funds administration in the European country.
The licence will allow the company to provide a range of fund administration services from Luxembourg, where it already provides the Management Company (ManCo) solution.
Crestbridge, which established its ManCo in Luxembourg in 2011, launched an Alternative Investment Fund Manager (AIFM) business in 2014.
The company provides a third-party management solution for UCITS and alternative investment fund managers across Europe.
It is also one of the third-party management companies with a European Venture Capital (EuVECA) licence in Luxembourg.
Crestbridge to offer multijurisdictional services
The funds administration licence will also enable the company to offer multijurisdictional fund administration, accounting, regulatory and governance solutions for fund managers.
Crestbridge fund services group head Michael Johnson said: “Luxembourg is a major hub for alternative asset fund structuring and, particularly with the changing political landscape, this new licence will be a strong addition to our proposition of providing services in key domiciles and enable us to provide a holistic, bespoke and flexible service to managers wanting EU investor access.”
The company offers services through private equity and real assets specialists and offices in Jersey, London, Bahrain, the Cayman Islands and Luxembourg, and services assets worth more than $120bn.
In June this year, the bank expanded into the US by setting up a new office in New York.
Crestbridge Luxembourg managing director and management company services group head Daniela Klasén-Martin said: “Over the past decade, we’ve seen consistent growth in our Management Company business, which can cater for all categories of assets.
“It’s a model that clearly works for fund managers, offering a straightforward and cost-effective solution to marketing into multiple EU member states, with its appeal really accelerating in light of ongoing political events.
“Our new funds administration licence, a strategic decision supporting the demands of our existing multijurisdictional Group clients, adds significantly to our existing proposition in Luxembourg, complementing our Management Company solution, which will continue to be independent and an open architecture platform.”
Crestbridge provides fiduciary, administrative, accounting and compliance services to leading corporations, wealth funds, asset managers, investor groups and ultra-high net worth families.