By Stephanie Palmer From Asset Servicing Times

Mitsubishi UFJ Fund Services has launched a new Cayman Islands Trustee Services to target new and existing Cayman unit trusts.

The new service comes as a response to a strong demand for Cayman-domiciled unit trusts, particularly from the Asian markets. It will complement the established fund administration services provided for Cayman structures, as unit trusts continue to be the preferred investment vehicle of choice.

Mitsubishi UFJ will act as trustee to Cayman-domiciled unit trusts, and intends to explore the potential of extending this to private client trusts, in addition to offering custodial services in the Cayman Islands.

Sophia Graham has been appointed as trust manager for the new service. As a qualified trust and estate practitioner, she has more than 14 years’ experience in the field.

Derek Bruce, director of Mitsubishi UFG Fund Services in Cayman, says: “Cayman Islands unit trusts are increasingly popular investment vehicles for a range of fund managers, who are responding to the efficiency of the structure and the demands of the Asian markets.

He added: “We are able to leverage the strength of Mitsubishi UFG to offer a range of asset services under the same umbrella, allowing us to provide a more efficient, integrated offering for our clients.”

“Sophia Graham brings with her a wealth of knowledge in trust, corporate and estate planning structures. She will play a crucial role in the ongoing development of our trust services, and expanding the solution to an even wider audience.”

This development comes after a number of recently added clients including Neuberger Berman, Tokio Marine Asset Management, and TCW.

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