Professional services provider Suntera Global has strengthened its international capabilities by obtaining a licence to provide fund administration services in Jersey.

The Jersey Financial Services Commission (JFSC) granted the firm its licence, which will enable Suntera Global to support private equity, real estate, venture capital and alternative fund managers with a full range of administration services from the island. This includes fund set-up and structuring, back-office reporting and accounting, governance and oversight.

The new licence complements its existing network of fund administration teams in the Cayman Islands, Bahamas and Isle of Man.

Figures from the Jersey Financial Services Commission show that in 2020 the value of assets administered by Jersey’s funds industry grew by 9 percent to stand at £378 billion.

Paul Mundy, managing director of Suntera’s new Jersey office, and managing director of the Fund Services Division, has overall responsibility for the growth and development of the firm’s funds offering across all of its jurisdictions.

He has worked in the finance industry for more than 30 years. Prior to joining Suntera in early 2020, Mr Mundy was the managing director of State Street's Jersey and Guernsey Fund Operation. He has an extensive background in fund administration and global custody, with a focus on staff development, customer relations and risk management, and holds a diploma in Company Direction.

Commenting on the new licence, group chief executive officer of Suntera Global, David Hudson said: “This new licence is a vital strategic addition to our global proposition as we look to enhance the services we can offer to alternative fund managers across our network.  Jersey has a fantastic reputation as a specialist alternative funds centre and I’m confident Paul and his team will build out our Jersey funds operation significantly over the coming months.”