AIFMD ManCo Platform Guide. A report on third party ManCo Platforms for investors and alternative asset managers

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1 A report on third party ManCo Platforms for investors and alternative asset managers

2 Contents Introduction 3 Managers views of AIFM ManCo Platforms 5 Risk management 6 History 7 Practical advice for managers 8 Why use a ManCo platform? 9 ManCo platform providers 10 Ireland 10 Luxembourg 13 Malta 17 2 AIFMD ManCo platform guide

3 Third party AIFMD ManCo platforms are expanding at a rapid rate. There are an ever growing number of platform providers. And large numbers of managers are signing on to use these entities in order to become compliant with the AIFM Directive. Research conducted recently by IFI Global shows that AIFMD ManCo platforms are being used by a remarkably wide range of managers. They are being used by fund of hedge funds, hedge funds, private equity funds, real estate funds, infrastructure funds and others. Some users are managers of funds with assets well into the billions of dollars whilst others are a great deal smaller than that. Managers joining these platforms are coming both from within the EU and also from the US and other countries that are not required to comply with AIFMD. To date, no one provider of third party AIFM ManCo platforms has cornered the market in any particular fund category, market segment or fund jurisdiction. That might well happen in the future but for the time being, at least, competition is increasing with new entrants coming into Ireland, Luxembourg, Malta and the UK. It looks like it will be a long time before there is any market consolidation. BRINGING HARMONY TO YOUR PROJECTS. FUCHS ASSET MANAGEMENT Your AIFM & UCITS Third Party Management Company 49, boulevard Prince Henri, L-1724 Luxembourg phone contact@fuchsgroup.com AIFMD ManCo platform guide 3

4 As such ManCo platform providers are a long way from becoming a standardised and homogeneous sector of the fund industry. If anything the platforms are going the other way: they are becoming more diverse. Hence the reason for this Guide. Another reason for following ManCo platforms closely is to establish some industry metrics. At present there are no established industry figures on AIFMD ManCo platform fees, market share or other quantifiable information. For example some platforms take into account a fund s complexity when determining the fees that they quote, whilst others do not. And some base their fees in part as percentage of the fund s AUM whilst for others it is just a flat rate that is charged. Also, a number of providers offer ManCo platform services as a means of obtaining administration, fiduciary or other forms of fund servicing work from the manger. On the other hand there are platform providers that have put a Chinese Wall between their ManCo platform and the other services that their organisations offer. AIFM ManCos set up in one domicile can, and are, used by managers in another. There are ManCos that have been domiciled in Dublin that have agreements with the CSSF in Luxembourg that allows their use in this jurisdiction too. Therefore Luxembourg based funds can join Irish domiciled ManCo platforms, and vice versa. Managers joining these platforms are coming both from within the EU and also from the US and other countries Alternative DomicileIntelligence News, research and advice on the future structure of the alternative fund industry 4 AIFMD ManCo platform guide

5 Managers views of AIFM ManCo Platforms ManCo platforms are easily the most popular means of gaining entrance to Europe in the AIFMD era after private placement The third party AIFMD ManCo option was of interest to many managers interviewed by IFI Global for its AIFMD Impact research conducted during the summer of (IFI Global interviewed organisations with dedicated alternative assets of $197 billion, and an overall AUM of approximately $2.5 trillion.) Similar findings were replicated in 2015 when IFI Global surveyed managers in both the US and Europe on AIFMD ManCo platforms. (Please see below for details.) In particular the research completed in the autumn of 2015 with US managers shows a high level of interest in these structures (amongst those that are looking to develop their presence in the European market). 36% of the US managers surveyed this year, who are active in the European market, are using or are considering using a third party ManCo platform in Dublin or Luxembourg. ManCo platforms are easily the most popular means of gaining entrance to Europe in the AIFMD era after private placement, according to IFI Global s research. And the research also showed AIFMD ManCo platforms are also of considerable interest to European managers. The research conducted with alternative managers in Europe showed that the majority of them are open to the possibility of using a ManCo platform as a means of developing their business in the EU. In particular, IFI Global s research found that ManCos offer alternative managers the opportunity of developing their businesses in Europe without having to commit large amounts of capital and resources to the project. For European managers with assets below $1 billion this is particularly attractive as running one s own ManCo would be a major commitment. The same applies to US managers but with the following difference: large sized US managers are also looking to use ManCos because they like the idea of joining established platforms in jurisdictions like Dublin and Luxembourg. They do not want to be doing all this from scratch by themselves. ManCo platforms provide them with the opportunity of utilising the skills and expertise of organisations with AIFMD technical experience. AIFMD ManCo platform guide 5

6 Risk management One of the main reasons for the development of third party AIFMD ManCo platforms is their ability to do risk management in the jurisdiction where the fund is domiciled. This is important. If portfolio management activity is not done where the fund is domiciled, which is almost always the case, then risk management has to be carried out in the fund s home jurisdiction. But there is a widely acknowledged lack of people with the requisite risk management skills in Ireland, Luxembourg, Malta and the other international fund jurisdictions to undertake this role. Therefore ManCo platforms, which have their own risk management capability, are a way around this problem. If managers want to have their own management company in one of the EU fund centres they will struggle to find suitably qualified people to carry out the risk function, as stipulated under AIFMD rules. This point particularly applies to the oversight function at board level. Fund boards have always had a risk oversight role but those that fall under the AIFMD now bear additional responsibilities that are codified by the Directive. Written rules have taken the place of general principles. ManCo platforms are a way around the risk problem In the pre AIFMD era it would be fair to say that some boards, at least, paid little more than lip service to their risk responsibilities. That is not possible for those serving on the boards of regulated AIFs. As the AIFMD era unfolds there could well be lawsuits against the directors of regulated AIFs if the fund collapses and the directors were not able to demonstrate that there was someone on the board that was qualified to take on the fund s risk oversight function and was indeed fulfilling his or her duties as required. Also, those that have taken on this role need to be able to demonstrate independence from the portfolio manager: they are required to use third party sources to evaluate the risks that are being undertaken. 6 AIFMD ManCo platform guide

7 History ManCo platforms that comply with AIFMD obviously only date back as far as the Directive s introduction, which was just over a year ago. So these are still early days. Many of the people that have experience of running these platforms are in Luxembourg and Dublin But in the long only world ManCo platforms can be traced back to UCITS III. UCITS ManCos have responsibility for compliance monitoring, risk management, investment performance monitoring, financial control, capital monitoring, internal audit, supervision of delegated third parties and overall responsibility for the conduct of the management company or self-managed fund. Over the years they became part of the fund industry in Luxembourg and Dublin, the two largest centres for the domiciliation of UCITS funds. AIFM ManCo platforms are doing much the same thing. Many of the people that have experience of running these platforms are in Luxembourg and Dublin as this is where the concept of ManCo platforms has developed. The most comprehensive source of information on the World's international fund domiciles and their service providers AIFMD ManCo platform guide 7

8 Practical advice for managers Managers need to go over each of the constitutional documents relating to the agreement to join a ManCo in some considerable detail. They need to make sure that the documents are robust and clear. In particular they should address all the scenarios of what could happen if there was a dispute with the ManCo, and how easily they could pull out of the arrangement, if that was ever necessary. The Tracker is unaware of any managers that have had problems on AIFM ManCo platforms but there have been a few of these on UCITS platforms. When they arise they can take years to resolve. Managers should address all the scenarios of what could happen if there was a dispute Managers need to make sure that they know how the risk management works on a ManCo platform. They should investigate how its functionality works in practice. In particular they should ask to see examples of the risk committee s deliberations and they need to make sure that the people on the risk committee are experienced and well qualified. To avoid any possible problems it is best to make sure that there is fully separate governance between the underlying fund and the ManCo platform, including segregated boards. It is therefore advisable to avoid co-mingled funds. Governance should be separate even if it adds to the fund s TER. The manager should also make sure it is clear who has ultimate responsibility for the portfolio management of the fund on a ManCo platform, in case of a dispute. Managers that IFI Global has spoken to say that when they do due diligence on ManCo platforms they look for the following: experience, ability of staff, principles of the business, funding (cost-structure), systems they use, business continuity, corporate governance, audits/financial review, how often do the boards meet, compliance issues and they how they meet their regulatory requirements. 8 AIFMD ManCo platform guide

9 Why use a ManCo platform? There are many reasons for using a ManCo platform, according to the research that has been conducted by IFI Global. Following are the reasons given by US managers as well as drawbacks that were mentioned. (IFI Global interviewed US alternative managers with a combined AUM of $306 bn between June and November Hedge fund, private equity, real estate and infrastructure managers were surveyed.) Benefits: Relying upon the skills and expertise of organisations with AIFMD technical experience Leveraging off established market providers located in the EU (Dublin and Luxembourg) One stop shop for all AIFMD requirements Cost competitive vis-à-vis the other options Help with distribution/add on services Drawbacks: Governance of a fund on a ManCo platform: who is ultimately responsible? US managers are used to making their own decisions; they are not comfortable ceding control to third parties Lawyers can see potential problems unless there is fully separate governance between the underlying fund and the ManCo platform, including entirely segregated boards. IFI Global also interviewed European alternative managers with a combined AUM of $215 bn. Following are the reasons given by US managers as well as drawbacks that were mentioned. Benefits: One stop shop attraction Avoiding one s own management Good option for smaller and medium sized managers Drawbacks: costs Loss of control Being able to draw on an There is a potential for conflicts established team with experience of interest (on some platforms) of AIFMD, good processes, continuity etc Pricing (is the ManCo aligned to the performance of the fund that Risk management capability they are managing?) IFI Global also asked managers in the US and Europe what particular features are of most interest to them when looking for ManCo platform. The following scores are averages for the US and European responses. (Managers were asked to rank each item out of ten, with ten being the highest score.) How important are the following to your organisation when looking to find a ManCo platform provider: US Europe Other managers on the platform The skill sets of the staff at the platform provider The resources & technology of platform provider The size of the platform Fees and fee structure Experience AIFMD ManCo platform guide 9

10 ManCo platform providers In Europe s three main fund domiciles (Ireland, Luxembourg and Malta) Ireland Ballybunion Ballybunion manages funds from Luxembourg as well as Ireland. Ballybunion has approximately h3 billion of fund assets on its platform from over 20 funds. This platform hosts most fund strategies except high frequency trading. It focuses on equities, fixed income, property, foreign exchange, private equity, life settlements, emerging and frontier markets, and other alternative asset classes Ballybunion also provides portfolio execution, reporting and risk management services. Carne Carne is headquartered in Dublin but also offers AIFM ManCo services in Luxembourg and the Channel Islands. Carne s AIFM ManCo in Jersey is the first of these platforms to be set up outside the EU. Carne is known primarily as a provider of fund director services, which it offers in various jurisdictions including in Cayman. Carne offers ManCo services to all main alternative fund categories as well as to long only funds. Carne is positioning itself as a major provider of various different services to alternative managers in the AIFMD era, both in the EU and offshore. The most comprehensive source of information on the World's international fund domiciles and their service providers 10 AIFMD ManCo platform guide

11 ManCo platform providers Ireland continued DMS DMS is headquartered in Cayman is one of the leaders in offshore fund governance. It now has offices in a variety of different countries and has expanded into complementary services to fund governance. This includes being one of the first organisations to provide a third party AIFM ManCo platform in Dublin. The DMS platform fee covers all material cost categories in one consolidated fee. AIFM services include Risk Management, Fund Administration (fund accounting and transfer agency), Depositary, Board of Directors, Legal Services, Financial Statement fees, Audit fees, registered offices, MLRO etc. The only additional charges are management fee, performance fee, trading and marketing costs. The DMS platform has coverage of the following investment strategies: funds of funds, private equity, real estate, hedge funds (long short equity, derivative funds with various strategies, catastrophe bonds). DMS emphasises that its ManCo platform provides third party managers with a number of advantages: Speed and efficiency to market with launching a subfund (1-2 months) compared to a stand-alone fund (3-6 months). The legal documentation and service providers are all in place. Partnership with an AIFM eliminates the need for an investment manager to undergo the regulatory approval exercise themselves and the ongoing fund governance responsibilities. This results in cost and time saving. DMS Risk Management is a full independent risk management service which eliminates the need for an investment manager to conduct the same internally. Economies of scale: A platform is likely a better value/ cost option for most managers than negotiating service provider fees themselves. EU platform provides pan-european marketing to EU investors using the passport. MPMF Fund Management MPMF is the Maples group s proprietary alternative investment fund manager AIFM and UCITs management company. MPMF is an Irish based management company and is authorised by the Central Bank of Ireland. It is a subsidiary of Maples and Calder, one of the largest offshore law firms, which has had an office in Dublin since MPMF is the Maples group s proprietary alternative investment fund manager AIFM and UCITs management company. MPMF is an Irish based management company and is authorised by the Central Bank of Ireland. It is a subsidiary of Maples and Calder, one of the largest offshore law firms, which has had an office in Dublin since 2006 MPMF s platform covers hedge funds, fund of funds, private equity and real estate funds. Through its affiliates, MPMF can also offer compliance, tax, corporate secretarial, fiduciary, fund registration and other administration services. MPMF s affiliate company, Ceres Fund Management (Cayman) Limited, provides AIFM solutions to non-eu alternative investment funds. AIFMD ManCo platform guide 11

12 ManCo platform providers Ireland continued ML Capital ML Capital has been offering third party platform services since It was one of the first organisations to get behind the alternative UCITS concept following the market crash. In December 2014 it launched the MontLake QIAIF Platform for AIFMD regulated managers. It is an independent provider of alternative fund platform services. It specialises in hedge funds. ML Capital focuses on catering for hedge funds that are looking for a regulated fund structure in Europe, whether under UCITS or AIFMD. Quayside Quayside is a joint venture between the Platform Capital group, and a specialist regulatory affairs consultancy, Compliance Ireland. Quayside offers an independent third-party hosted AIFM solution for asset managers seeking to establish alternative investment funds As an authorised AIFM, Quayside sets out its organisational structure and reporting procedures and will appoint designated persons to carry out the following managerial functions in accordance with the AIFMD. Each designated person will monitor and control each of the individual activities on a periodical basis. Quayside covers the main alternative fund categories. Quayside s platform includes managerial functions covering the following: monitoring of investment policy, investment strategies and performance monitoring compliance; risk management; liquidity management; operational risks; conflicts of interest; supervision of delegates; financial control; monitoring of capital; internal audit; complaints handling; accounting policies and procedures; recordkeeping; remuneration and reporting. SuMi Trust Sumitomo Mitsui Trust Group (SuMi Trust) is a provider of fund administration, trustee, custody and depositary services as well as offering ManCo services. Information on fees and services SuMi has managers on its platform with an AUM of approximately $21 billion. SuMi Trust provides distribution support in Japan for selective managers and introduces managers to third party marketing firms in Europe it knows, if required. Risk management across its Irish and Cayman Administration, Trustee and Depositary activity has always been a primary focus. Hedge Funds, Fund of Funds, Long Only, Structured Products, Real Estate. 12 AIFMD ManCo platform guide

13 Luxembourg BIL Manage Invest BIL Manage Invest is the independent third-party AIFM / ManCo of the Banque Internationale à Luxembourg (BIL) Group, the oldest privately owned bank in Luxembourg. BIL Manage Invest is an institutional-grade AIFM, backed by BIL. General Information BIL Manage Invest acts as the single point of contact in Luxembourg for its clients. The services provided by BIL Manage Invest include the structuring, set-up and ongoing management of AIFs either within a hosted rent-acompartment multi-manager SICAV-SIF platform, or via a dedicated standalone investment vehicle. Fund Categories BIL Manage Invest is licenced by the CSSF in Luxembourg to provide AIFM services to real estate funds, private equity funds, infrastructure funds, hedge funds, funds of (hedge) funds and plain vanilla long only funds. Other Comments Staffed by a team of portfolio management professionals, BIL Manage Invest retains the Portfolio Management function within the AIFM, with the client acting as Investment Advisor. Alternatively, BIL Manage Invest can provide fully informed oversight of the Investment Manager, where the Portfolio Management function is delegated to a third party. Crestbridge Crestbridge is a third party fund administrator headquartered in Jersey. It also has an office in Luxembourg which includes a ManCo platform as part of its offering. The company s ManCo platform has become a major part of the company s services in Luxembourg. Crestbridge has recently launched ManCo services from its Jersey office, expanding the offer to off-shore funds. There are over h4 billion in assets from 24 funds on October 2015 ManCo platform fund categories Crestbrige ManCo solution covers UCITS and all alternative strategies but is strongest in private equity and real estate. Crestbridge offers director services, risk management services and third party administration in addition to its ManCo platform. AIFMD ManCo platform guide 13

14 ManCo platform providers Luxembourg continued Fuchs Asset Management Fuchs & Associés Group is an independent European group created in 2000 under the supervision of the CSSF. Although the flagship service of the Fuchs Group is wealth management complementary business-lines have been created: in 2005, Fuchs opened its properietary trading desk (Fuchs Trading); in 2008, insurance brokerage services started (Fuchs Insurances); in 2012, family office activities were bundled in a specific unit (Fuchs Family Office) and in the Group launched its third party SuperManCo (Fuchs Asset Management) for UCITS and AIF investment funds. Fuchs Group is present in Luxembourg, Geneva and Brussels and counts more than 130 professionals, including many portfolio managers.. As a SuperManCo Fuchs offers a range of solutions including governance, distribution, risk management, and compliance, as well as portfolio management services. These services include traditional UCITS strategies as well as alternative UCITS, but also all types of AIFMD strategies, including Hedge Funds, Real Estate and Private Equity. Fuchs Asset Management offes services to managers looking for support in the set-up and the running of their EU based funds. Fuchs provides reporting and distribution support. With the use of open architecture, Fuchs is able to adopt different approaches for each manager. This allows managers to focus on their core competencies of portfolio management. Hedge Funds Strategies, Private Equity Strategies, Real Estate Strategies, Fund of Funds Strategies, Traditional Strategies (UCITS), and alternative UCITS. Kinetic Kinetic Partners Luxembourg office specialises in risk management services, both from an advisory perspective and from a local substance perspective (third party SuperManCo license to manage UCITS and AIFs). Kinetic Partners recently became division of Duff & Phelps, a valuation and corporate finance advisor. As a result, Kinetic Partners AIFM s service includes an internal valuation function. Kinetic s fees depend on three elements: investment strategy, portfolio turnover and data quality. They are calculated as the maximum of a minimum monthly fee per sub-fund and a percentage in basis points on the Assets under Management. The Luxembourg ManCo has been appointed by Luxembourg UCITS (Edgewood L Select, Martin Currie Global Funds, 20UGS (UCITS) Funds and Auriga Investors) as well as by EU and non-eu AIFs with AUMs in excess of 3 billion. Kinetic Luxembourg also serves real estate and debt funds as an external risk manager and supports private equity managers with their AIFM applications and solutions Kinetic runs a proprietary risk reporting and investment compliance platform. Kinetic was the first advisory company to meet the regulatory requirements of AIFMD in January Fuchs seeks to develop solutions which ties in with each particular clients requirements and strategies. It is promoting a customised ManCo solution. Fuch s approach, along with its network, also allows its clients to launch funds within a short period of time. As an independent group, Fuchs provides open architecture solutions that tie in with its clients strategies & markets. 14 AIFMD ManCo platform guide

15 ManCo platform providers Luxembourg continued Lemanik Lemanik was originally a service provider to Swiss private banks and was founded in Geneva in The platform hosts hedge funds, private equity, real estate, infrastructure and fund of funds. Lemanik s managers have $20 billion in assets from 40 funds and 180 sub funds. The platform hosts hedge funds, private equity, real estate, infrastructure and fund of funds. Lemanik is one of the largest platform providers in Luxembourg. LIS Luxembourg Investment Solutions is an independent ManCo provider. They service a lot of family offices. Many of their family office and fund manager clients are either German or Swiss-German. It serves all alternative funds except hedge funds. It also has a UCITS ManCo platform. Maitland Maitland is a global advisory and administration firm providing a one-firm approach to fund, family office and corporate services operating from 14 offices in 12 countries. The Maitland ManCo platform is used by fund managers from Europe, South Africa and this is being extended to Asia and Latin America. Maitland undertakes a number of fund integrations in terms of lift outs and turnkey administration platforms in a variety of locations. Maitland has an offering in that encompasses legal, administration and management company services Maitland s management company services covers alternative asset classes and it serves hedge funds, fund of funds and is being extended to private equity and real estate funds. With the acquisition of Phoenix Fund Services in the UK, Maitland is able to offer AIFMD services from entities based in Luxembourg and the UK as well as management company services for UCITS. AIFMD ManCo platform guide 15

16 ManCo platform providers Luxembourg continued MDO MDO is one of the original third party fund platforms in Luxembourg, if not the first. It was started by one of the founders of the Luxembourg fund industry. It is an independent operation with 45 fund professionals. The concept of using third party platforms for fund managers was probably started by MDO. This occurred following the introduction of UCITS III in the 1990s. AIFM ManCo platforms are largely modelled on developments that occurred in Luxembourg from this point. It covers all alternative fund categories as well as UCITS funds. In particular it offers services to hedge funds, private equity, infrastructure and fund of funds. MDO includes Directors Office as part of its offering. Its ManCo platform hosts funds with an AUM of h13 bn. RBS RBS luxembourg has recently been acquired by a private equity group. RBS decided to sell its luxembourg unit because it wishes to reduce the number of countries that it has operations in from 38 to 13. In addition RBS plans to exit its trustee business everywhere except the UK. Assets hosted on the platform are over h30 bn. These are from third-party funds predominantly. The RBS Luxembourg platform caters for all the liquid strategies, from hedge funds to long only funds. But it does not do private equity or real estate funds at present. A number of ancillary services are also offered by RBS in Luxembourg such as fund directorships and fund registration. Alternative DomicileIntelligence News, research and advice on the future structure of the alternative fund industry 16 AIFMD ManCo platform guide

17 Malta Mirabella Mirabella is a subsidiary of Cordium, a regulatory solutions provider. Mirabella s expansion into Malta came as a result of its acquisition of Zodiac Compliance Services. Mirabella charges a flat fee, never a percentage of the assets. It believes that by taking a percentage of the assets risk management comes under stress. Mirabella covers both hedge funds and private equity funds on its platform. Mirabella emphasises its risk management expertise. It also believes that the reputation of an AIFM ManCo is more important than a UCITS ManCo, since the latter is often thought of as a service provider to the fund. Portcullis Portcullis Asset Management offers AIFM ManCo services from Malta as well as access to EU umbrella fund platforms and UK FCA appointed representative solutions. Portcullis is more than a tick-box AIFM service provider. It maintains a staff of former bulge bracket, hedge fund and administrator professionals and offers capital introductions to portfolio managers subject to appropriate performance. Portcullis offers its services to all main alternative fund categories as well as private equity funds. Portcullis positions itself as a premium service provider whose market, product and fund advisory expertise distinguishes it as a value-adding partner pre, during and post launch. Its selection of Malta is predicated upon the jurisdiction s time and cost advantages over its competitors and the remuneration benefits afforded to sub-advisors who pursue the delegated portfolio management model. The Scotstone Group Scotstone has three open ended umbrella fund platforms, one in Cayman and two domiciled in Malta and established prior to AIFMD. The platforms are Malta and Cayman domiciled limited liability investment companies are variable share capital licensed as collective investment schemes in the form of Professional Investor Funds having an umbrella structure. Each respective investment company is able to create segregated sub-funds targeted to Experienced Investors, Qualifying Investors and Extraordinary Investors. All supporting administration and valuations are carried out by IDS Fund Services (Malta). The fee paid by the fund manager is based on a points system (sliding scale) and a one-off set up fee. The Scotstone platforms were initially established primarily for managers wishing to invest in Africa. The current suite of funds are now international. Non-EU based managers who do not wish to undertake the regulatory and management costs or diversion of setting up another regulatory entity can operate through the regulatory license of Scotstone Fund Managers. This will require the relevant investment management activities of the manager to be subject to the compliance oversight of Scotstone Fund Managers, which is currently in the process of opting in under the AIFMD to be licensed as an Alternative Investment Fund Manager. AIFMD ManCo platform guide 17

18 IFI Global Ltd is a fund management research and media and business, focusing primarily on the alternative side of the asset management industry. IFI Global conducts proprietary and syndicated research studies and publishes online media. For more information please go to: IFI Global Ltd 10 Arthur Street London, EC4R 9AY United Kingdom Tel Can we help you navigate the AIFMD challenges? Do you want to access European investors? Are you a new fund manager looking for fast and simple access to new investors? We are a leading independent provider of ManCo solutions with size and substance to help you achieve all this and more; Get your fund to market quickly Satisfy your investors demands for regulation Demonstrate expertise in your chosen jurisdiction and in your asset type Through our offices in Luxembourg and Jersey we are able to provide industry leading ManCo services onshore or offshore. For further information please daniela.klasén-martin@crestbridge.com (Luxembourg) or miranda.lansdowne@crestbridge.com (Jersey) Delivering peace of mind crestbridge.com Management Company Services Fund Administration Services Risk Management Oversight Real Estate Services Corporate Services Capital Markets Services Listing Services Manager Relocation Services Fiduciary Outsourcing Services Family Office The Crestbridge Limited affiliation is regulated by the Jersey Financial Services Commission. Crestbridge S.A. and Crestbridge Management Company S.A. are regulated by the CSSF.