SuMi TRUST in Ireland has been chosen as fund administrator for 12 funds belonging to Nikko Asset Management.
SuMi TRUST will provide a range of administration and asset support services for six existing funds and six new funds, all domiciled in Cayman, which collectively account for $2.7 billion in assets under management.
The funds follow specific investment strategies, including global and regional equities, currencies, fixed-income and natural resources securities.
Nikko Asset Management is a part Sumitomo Mitsui Trust Bank, which also owns SuMi TRUST Global Asset Services. According to Nikko Asset Management, the move demonstrates the benefits of cross-integration between complementary businesses within the group.
As of March 2015, Nikko Asset Management had a total of $161.9 billion in assets under management.
Hiromitsu Tanaka, CEO of SuMi TRUST in Ireland, said: "With a track record of more than 25 years of providing fund administration support for both regulated and offshore fund structures, we’re very proud that Nikko Asset Management decided to entrust a greater share of their assets to SuMi TRUST.”
“Our fund administration business in Ireland has enjoyed tremendous success over the past year in attracting business from independent asset managers that are looking to launch new products and replace their administration partner in response to the increasing demands of the global financial services industry.”
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