The Aztec group - a Channel Island-based company, which specializes in funds administration, accounting, compliance and treasury services - opened a new office in Luxembourg.

"I am very excited about my new role and taking the Aztec Group formula to Luxembourg. Informal discussion with a number of promoters has led to us already having clients before we officially open the doors for business, which is a fantastic start and testament to our service," James Bermingham, the new appointed Director said.

According to the group, regulatory approvals from the Commission de Surveillance du Secteur Financier (CSSF) are expected very shortly. "Once received, the approvals will enable funds and investment holding structures domiciled in Luxembourg to be administered by the Aztec Group to the same exacting standards currently provided from their Channel Island-based offices", the company said.

Founded in 2001 in Jersey, the Aztec Group now employs over 50 staff within its Jersey, Guernsey and Luxembourg offices. The company's core activity is to provide comprehensive fund administration services to venture capital, private equity and real estate funds. It manages over 30 funds with approximately 9 billion euros assets under administration.