HERALD Group has set up a new fund services business to provide fund administration to clients, intermediaries and promoters.

The company says it has brought together an experienced team of accountants, administrators and legal resources and made significant investment in systems and information technology.

The new subsidiary is headed by Michael Capraro, who has lived in the Island since 2000 and previously worked for the Stonehage Group, where he was head of the investment management and fund administration business.

Mr Capraro started his career in South Africa, where he worked for Old Mutual. He is a graduate of the University of Johannesburg and the Stellenbosch Business School. Herald Fund Services has already set up a number of protected cell companies.

• Picture: Back row, from left: Robert Roynon-Jones, Ben Bryant, Michael Capraro and Robert Sharp. Front row: Nick Marshall, Holly Dangerfield and Ted Clucas. Picture by Richard Wainwright (00587764)