Funds administrator Centaur Fund Services (Bermuda) Ltd has surpassed its growth targets after nearly two years on the island and is looking to further ramp up staffing levels.

Marc Weaver, chief operating officer of Centaur, said the company, which has offices in Ideation House on Hamilton’s waterfront, has built up a strong team since launching on the island in July 2016.

He said he expected the team of ten employees to eventually be built up to at least 20, depending on demand for Centaur’s services, with job opportunities likely to arise in accounting and investment fund servicing roles.

“We hit our three-year growth target in about 1½ years, so we’re very happy with our progress,” Mr Weaver said.

“This increase in personnel is a sign of our commitment to Bermuda and highlights our focus on delivering the best service to our clients.”

The growth has been fuelled by Centaur insurance-linked securities service, launched a year ago. The island is the global epicentre of the ILS business, with about three-quarters of outstanding global capacity having been issued from Bermuda, according to figures from the Bermuda Monetary Authority.

Willis Re reported this month major catastrophe losses last year that impacted some catastrophe bonds had not put off investors, a view consistent with Centaur’s experience.

The fund administrator says it is seeing an “ever-growing appetite” in the ILS class and its team, led by IC Condat and Neil MacGuinness, is seeing the benefits.

“Our ILS team is comprised of specialists working exclusively in the asset class,” Mr Weaver said. “The team has the essential expertise and experience to service sophisticated ILS structures and are on hand to deliver customisable solutions for our clients.”

Private-equity business and alternative investment fund servicing add to Centaur’s Bermuda offerings.

Mr Weaver said: “We have built a strong client base, while ensuring that Centaur is a firm fixture in the business community. We see tremendous opportunities for further growth in 2018 and beyond.”

He added that Bermuda was a key strategic location for Centaur and acts as an important servicing office, primarily for North American-based clients.

Centaur’s head office is in Dublin and it also has operations in the UK, US and Cayman Islands, as well as Bermuda. It provides fund administration services, investor services and regulatory services to some of the world’s largest institutions. It boasts more than 40 client groups and assets under administration of about $23 billion.

Mr Weaver said the firm was deepening its relationship with Bermuda.

“We greatly appreciated the advice from the Bermuda Business Development Agency when Centaur was setting up its Bermuda office and the constructive relationship with the BMA to obtain our licence to carry out the business of a fund administrator,” Mr Weaver said.

“We also look forward to work with the Ministry of Economic Development and local recruitment agencies to start a graduate programme for young students wanting to learn about the industry.”