NAV Fund Administration Group, which provides administrative services to alternative asset managers, has expanded its global footprint by setting up a new business entity in Australia.
According to NAV COO Ambuj Garg, Australian market is ideally positioned for the comprehensive range of services, expertise, responsive client support, and competitive fee structure that the firm is offering.
Garg said: “We look forward to introducing Australian fund managers to our flexible administration solutions, backed by a team of 1,500 professionals and a robust and agile proprietary technology platform designed to support every fund structure and asset class traded.”
Founded in 1991, NAV caters to over 1,600 clients globally with 99% client retention rate.
Headquartered in the US, the firm has locations in the Cayman Islands and Singapore. It has facilities in India supporting back office services.
Recent developments in Australian wealth space
In June this year, GAM Investments appointed Sophie McFadyen as senior manager for its institutional business in Australia.
In May, Singapore-based sovereign wealth fund GIC revealed plans to set up a new office in Sydney next year to focus on investment opportunities in Australia.
This office, which would be GIC’s 11th globally, builds on the growth of the GIC portfolio in Australia.
In February this year, New Zealand-based investment administration services provider MMC fully acquired Australian specialist superannuation fund administrator IFAA Group.
This January, Australian wealth management group Ord Minnett opened a new office in the island state of Tasmania as part of its efforts to bolster its national footprint.
