New York, NY – November 12, 2001- ADP/OMR, a division of ADP (NYSE: ADP) Brokerage Services Group, announced today that it has formed a strategic alliance with Cayman Islands based Caledonian Bank & Trust Limited to provide offshore fund administration services to the global alternative investment management community.
The alliance will leverage the respective strengths of both companies. ADP/OMR is a leading provider of fund accounting and investor communication services for the global alternative investment management industry. ADP/OMR provides a full complement of fund processing services that allow a fund manager to fully automate its front to back office functions through an integrated outsourced solution.
"ADP/OMR now has offshore capabilities, expanding Xacct, our funds processing service bureau offering, to better meet our clients’ needs," states Chris Zuech, Senior Vice President of Client Accounting, ADP/OMR.
Caledonian Bank & Trust Limited has a strong and long established business that provides investment managers and corporate treasurers with a range of offshore services which include fund administration, banking, registered office, registrar and transfer agency, directorships and other high end corporate and fund advisory services.
ADP/OMR will provide the systems, service personnel and advanced fund management technologies to service the offshore domicile requirements of its clientele. Caledonian Bank & Trust Limited will provide its offshore expertise and substantial client care resources to complete the package of services that both firms will jointly provide.