Cayman National Bank and Trust Company plans to add a fund administration unit to its operation in the Isle of Man to expand its global reac...

Cayman National Bank and Trust Company plans to add a fund administration unit to its operation in the Isle of Man to expand its global reach. The Isle of Man hub will also provide another centre of business in the event of hurricane disasters, said Cayman National Bank. Cayman National Bank, which has specialised in servicing the alternative asset management and complex family structures on the Isle of Man for over 20 years, said third-party administration is part of its plans to win business in Europe, Middle East and Africa. The expansion is also part of its disaster recovery programmes in the event of hurricane damage, such as the storm the Cayman Islands experienced in 2004. The Isle of Man is ideal for the emergency transfer of business from one jurisdiction to another. The same software and systems will service clients on either side of the Atlantic and in two different time zones, said the bank. The Isle of Man and Cayman have now signed a memorandum of understanding.