Dublin, 7th January 2018
As one of the fastest growing firms in the fund administration industry, 2017 was an exciting year for Centaur Fund Services. In addition to the Bermuda office, Centaur launched its Cayman Islands’ office, added a U.S. head in the New York office, won multiple industry awards in Europe and the U.S. and increased AUA by over 50%. With industry changes such as MIFID II coming in 2018, Centaur is well positioned to continue its impressive growth and geographical reach throughout the year.
EXPANDING GLOBAL FOOTPRINT
In 2017, Centaur announced a further commitment to its North American business with the launch of its Cayman Islands’ office, which came hot on the heels of Centaur’s Bermuda office opening. Additionally, industry veteran, Des Johnson came on board as CEO of Centaur USA, based in New York. Centaur’s global expansion will continue in 2018 with additional offices being opened in the coming months.
100% CLIENT RETENTION
Centaur has maintained its record of 100% client retention since its inception eight years ago. Centaur continues to listen carefully to its clients’ requests for faster, more customised and effective services. In a client survey circulated by Centaur in 2017 (the “Client Survey”), 93% of Centaur’s clients indicated an excellent level of satisfaction with the firm noting that they are extremely likely to recommend Centaur’s services.
The success of Centaur’s strategy can be seen in the growth of its client base. In 2017, Centaur added significant new business with its assets under administration hitting $20 billion. Another highlight for Centaur is the growth of its independent depositary services’ business following its inception less than four years ago. Client assets under depositary services now exceed $6 billion.
PRIVATE EQUITY EXPLOSION
Centaur is constantly adapting to the changing face of fund administration. Nowhere has this been more evident than in private equity and real estate funds, which became one of the fastest growing sectors for Centaur in 2017. This growth is set to continue in 2018 and beyond as Centaur becomes a bigger force in private equity. Increased regulatory pressure, complex investment strategies and structures and the demand for transparency are key drivers for the transition of private equity and real estate fund administration from inhouse to third party independent fund administrators.
TECHNOLOGY IS THE SOLUTION TO GROWING REGULATION
Technological capabilities continued to be as important as accounting capabilities for fund administrators. With transparency and reporting the linchpin of nearly all regulations, Centaur invested heavily in its technology platform, implementing secure controls and procedures and providing consolidated reporting that assists Centaur’s clients to comply with their regulatory obligations. As a result, Centaur’s system capabilities rated a 94% positive score with its clients in the Client Survey.
2018 will see a continued focus on regulations such as AIFMD, MIFID II and GDPR and Centaur is committed to making continued investments in new systems to keep pace with regulations and due diligence demands.
Karen Malone, Founding Partner of Centaur Fund Services, says “Last year was an exciting one for Centaur and all indications point to another great year in 2018. We have been actively increasing our product offering and expanding our global footprint and the results speak for themselves: we are on track to becoming one of the world's largest independently-owned fund administration companies. We understand the importance of a quality client experience and are fully committed to ensuring our positive client rating remains the best in the industry.”