Aztec Group News

Alan Ross, Director at the Aztec Group explores the factors involved in deciding whether to locate a firm's structure locally or offshore.

Friday, January 06, 2012

When raising that next fund the question of where to locate the structure is normally one of the first to be considered and the answer, like most things in life, is never straightforward. In this article we look at the possible locations for a fund and attempt to take an objective look at the key factors to consider in choosing a domicile to suit your circumstances.

The Jurisdictions

Smaller private equity promoters in Europe- in this context those under the €50 million fund size- will almost always establish local structures as the cost and efficiency advantages for funds in this bracket clearly point in this direction, especially where the promoter is establishing a new business. It is only where there is a compelling need, normally related to a cornerstone or dominant investor requirement, that funds of this size should consider the additional expense of taking the fund outside the local jurisdiction. The UK for example, which has the largest number of funds in Europe, has arguably some of the best vehicles for private equity and so an offshore platform should only be considered where it can be demonstrated it provides a real advantage for investors.

In a European context, offshore generally means the Channel Islands. Cayman, Hong Kong, Singapore, Delaware and Mauritius remain very much the exception due in the main to practical considerations such as travel links, direct relationships, time zones and ease of access. As to the relative merits of Jersey vs. Guernsey, despite the not unexpected local bias on both islands, in reality there is almost no discernible difference between the two in terms of private equity fund establishment and administration. The choice of island often comes down to where the fund formation lawyer has contacts, where the last fund went, or indeed even simply which golf courses or restaurants are preferred.  Read more...

Aztec Group shortlisted for 2011 Unquote British Private Equity Award

Tuesday, August 23, 2011

The Aztec Group has been nominated for the ‘Fund Services Team of the Year’ award at the 2011 Unquote British Private Equity Awards. The 2011 Unquote British Private Equity Awards honour innovation and excellence in private equity and venture capital.

To determine the shortlist all entries were assessed by the Unquote Advisory Panel which is made up of industry experts. Shortlisted entries were announced in early August and are open for voting. The result will be determined by a combination of the Advisory Panel’s review and the voting.

The winner will be announced at the Awards Dinner on 22 September 2011 which is being held at the Mayfair Millennium Hotel in London.

Commenting on the nomination, Aztec Group’s COO and co-founder, Carol Wilson, said “This nomination is a reflection of the success of the Group and we are pleased to be recognised as a leading player in the fund administration industry. As one of the few owner managed and independent fund administrators left, we are very proud of what we, as a team, have achieved. We have loyal and able staff, a hugely supportive client base and a strong network of business associates, all of whom have been instrumental in the evolution of the business over the past ten years.”

The Aztec Group was founded in Jersey ten years ago to take advantage of a service gap that was perceived amongst existing institutional and tied administration providers. A successful business model underpinned by a dynamic growth strategy has seen the Group open offices in three additional prime fund operating locations. The second office opened in Guernsey in 2006, followed by Luxembourg in 2007, London in 2008, and a fully operational UK presence in 2010.

The Group now employs over 100 staff across the five offices and prides itself on a skilled and stable workforce. The business has excellent staff retention which has been maintained year on year in the mid 90’s in percentage terms. This, combined with the fact that the majority of client facing staff are professionally qualified, has attracted a strong and diverse client base from across Europe.

The Group has seen its funds under management grow by around 20% to over $31 billion in the last 12 months which is largely due to the take on of nine new clients including major industry names such as Henderson Global Investors, Inflexion Private Equity and PPM Managers.  Read more...

Ten years, 100 staff and one hundred percent client retention rate

Tuesday, July 05, 2011

Ten years after launching their first office in 2001, Edward Moore and Carol Wilson, co-founders of Aztec Group - the independent fund administrator - have reason to celebrate.  Read more...

The Aztec Group Auditions are back!

Wednesday, April 13, 2011

Aztec Group is on the lookout for outstanding graduates and A level students with the “X factor” to join its 2011 trainee programme.


The Aztec Group Jersey office will be holding a select number of ‘Audition Days’ which will enable candidates to learn more about the Aztec Group and a career as a fund accountant or administrator. The day will also involve undertaking a series of task-orientated initiatives to aid the selection process, with feedback to all candidates. Each day is a brilliant learning experience for all candidates and will ensure that we find the right individuals who really do have the appetite and aptitude to become a successful fund accountant or administrator.

Those selected to join the Aztec Group will undertake a training programme which will involve spending time in various areas of the business whilst being supported to undertake relevant professional qualifications such as ACCA or ICSA, to become a fully qualified fund accountant or administrator. 

In 2010, despite a difficult employment market, the Aztec Group took on three trainees from the Audition Days programme. Jason A’Court one of the successful candidates said, “Last year’s audition days were a fantastic experience and I was very glad to be selected to join the Group. I presently work on a client team alongside experienced accountants and administrators, the day to day learning on the job in addition to a supportive study programme has been a great way to learn and very positive for my career.”

Carol Wilson, Aztec Group’s COO, commented “As a business with strong growth plans we firmly believe growing our talent from within delivers a consistency of service across the Group and at the same time provides local students with excellent career prospects. Our high staff retention rate which stands at over 90%, alongside our 100% client retention rate demonstrates our commitment to our staff as individuals in addition to delivering a first class standard of service to our clients.”

Applications are being accepted now until 27 May with Audition Days taking place in July. CVs can be sent to careers@aztecgroup.co.uk Read more...

Aztec Group receives Type II AAF accreditation

Wednesday, March 30, 2011

Aztec Group, with offices in the Channel Islands, Luxembourg and the UK, has demonstrated its service excellence by obtaining a clean audit on its internal control environment and becoming the first independent fund administrator to obtain a Type II AAF 01/06 accreditation.

The Group, which celebrates ten years in business this year, has had an office in Guernsey since 2006 and now employs over 90 staff administering more than 50 funds valued at approximately $30 billion.

The audit, which is in accordance with the Institute of Chartered Accountants in England and Wales Technical Release AAF 01/06, was once again undertaken by PricewaterhouseCoopers (PwC). The accreditation involved completing a full review of the organisation’s Channel Island offices’ procedures and control environment to ensure the highest standards in corporate governance were being met.

Simon Radford, Aztec Group’s CFO, said “As a business committed to driving forward the standards in fund administration, this independent audit of our controls and procedures exhibits, once again, our commitment to our clients and their investors to provide the very best standards of service. For a sophisticated and risk-aware client base, having industry specific operating platforms and independently audited controls and procedures are important distinguishers and, for many, a prerequisite to potential clients’ selecting an administrator. Our 100% client retention rate is a testament to our service delivery”

Rob Jones, Aztec Group’s Guernsey Director commented “The growth of our Guernsey office has been phenomenal since launching in 2006. Our dedication and focus on delivering a first class fund administration service enveloped in robust process and procedures, which are independent audited, has made us a leading partner choice for fund managers looking to locate their funds offshore.”  Read more...

Henderson appoint Aztec Group to administer their Jersey Property Funds

Monday, November 22, 2010

Following a review of their third party administration arrangements, Henderson Funds Management (Jersey) Limited and Henderson Property Management (Jersey) Ltd, have recently taken the decision to appoint the Aztec Group as administrator to the Jersey domiciled funds they manage.  Together their funds have assets in excess of £3 billion and over 260 investors. Read more...

Aztec Group Appointed to Administer Inflexion's 2010 Buyout Fund in Guernsey

Thursday, October 28, 2010

Private equity advisor Inflexion Private Equity LLP chose the Aztec Group and Carey Olsen for its £375m 2010 Buyout Fund which had its one and only close at the end of September.  Read more...

Aztec Group nominated for 'Fund Administrator of the Year'

Monday, August 23, 2010

The Aztec Group has been nominated for the “Fund Administrator of the Year” award at the Private Equity News 5th annual Awards for Excellence in Private Equity Advisory Services, Europe 2010.  Read more...