Australian fund administrator MainstreamBPO has set up an office in the Cayman Islands after securing licence approval from the island’s monetary authority.

MainstreamBPO described Cayman Islands as “key to its global ambitions”, as the territory has over 10,000 mutual funds registered/licensed with Cayman Islands Monetary Authority with assets of $5.7 trillion.

The new office will focus on corporate and administration services for new and existing clients with Cayman Islands-domiciled funds.

The business will be managed by Denise DePaola, CEO of MainstreamBPO’s North American arm, as managing director. 

MainstreamBPO chairman and managing director Byram Johnston said: "The Cayman Islands is the jurisdiction of choice for global investors and is at the forefront of fund governance and regulation.

“With our office in the Cayman Islands we have global operations to support our clients across the major fund services regions."

In addition to the new office, the group also has offices in Sydney, Melbourne, Hong Kong, Singapore, New York, Douglas (Isle of Man) and Sliema (Malta).