The fund services business, part of one of Japan's largest financial services groups, has added to its offerings in the Caribbean.

Mitsubishi UFJ Fund Services has launched Cayman Islands Trustee Services to target new and existing unit trusts in the Caribbean jurisdiction. The firm said its services add to the established fund administration offerings provided for Cayman Islands structures.

The business, part of Japan's Mitsubishi UFJ, said the services are being offered “in response to a strong demand for Cayman Islands domiciled unit trusts, particularly from the Asian markets, where unit trusts continue to be the preferred investment vehicle of choice”.

Mitsubishi UFJ will act as trustee to Cayman Islands domiciled unit trusts, and will explore the potential to act as trustee for private client trusts, in addition to providing custodial services in the Cayman Islands, it said.

As part of the service launch, the firm has appointed Sophia Graham as trust manager. Graham is a qualified trust and estate practitioner, with more than 14 years of experience in the field.

The launch of Mitsubishi UFJ’s Cayman Islands Trustee Services has been buoyed by a number of recently added clients, it said, including Neuberger Berman, Tokio Marine Asset Management Co. and TCW.