SAN JOSE, Calif., July 28, 2020 /PRNewswire-PRWeb/ -- NES Financial, a JTC Company (LON: JTC), announced today that it has contracted to provide its purpose-built Opportunity Zones Fund Administration Solution to USVI OZ Hemp Fund.
Principal Wally Sullivan and his team at Ozone Capital Markets, in conjunction with affiliated broker dealers, are focused on contributing to the growth of qualified Opportunity Zone projects. Working with local USVI operators, Ozone is helping coordinate a series of industrial-scale funds. These projects all keep to the spirit of OZ objectives, but also represent a significantly different risk/reward profile than typical real estate funds. The local Economic Development Commission (EDC), sanctioned by the U.S. Treasury, offers attractive tax incentive programs for companies to locate there. NES Financial's technology and expertise will play a critical role in the administration and compliance of these funds.
"The Virgin Islands has 14 designated Opportunity Zones, so the potential benefits to the community are significant," said Sullivan. "This project will provide jobs and other economic benefits to an area whose tourism industry has been hard hit by both Hurricane Maria and the COVID-19 pandemic."
The NES Financial Opportunity Zones Fund Administration Solution leverages technology to streamline the complex administrative requirements of OZ fund management, helping funds succeed and helping the Opportunity Zones program do the good it was intended to do. For fund managers and investors, this means a purpose-built solution that embeds security, transparency and regulatory compliance at each step of an OZ investment's life cycle.
For additional information about the Opportunity Zones Fund Administration Solution, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
About NES Financial
NES Financial, a JTC Company, is a multi-jurisdictional provider of fund, corporate and private client services. The company administers more than $130 billion in assets and employs more than 900 people worldwide. A leader in specialty financial administration, NES Financial serves markets characterized by high administrative complexity, elevated transaction security needs and challenging compliance requirements.
As the North American division of JTC, NES Financial is the leading provider of third-party administrative solutions to US impact investment sectors, including Opportunity Zones and EB-5 visa funding, as well as to US private equity and 1031 exchanges. The company's technology-driven solutions streamline new best practices in these markets by simplifying specialized financial transactions, reducing back-office overhead, curtailing fraud and abuse, and ensuring security, transparency and regulatory compliance during each step of an investment's life cycle.
For more information, visit nesfinancial.com.
About Ozone Capital Markets
Ozone Capital Markets LLC is an independent consulting firm helping individuals identify and connect with Qualified Opportunity Zone (QOZ) projects. As the number and diversification of QOZ funds increase, Ozone looks to serve as a resource to help educate and navigate the space. Since Ozone is not a financial firm, we simply provide unbiased project listings and let interested investors connect with affiliated registered professionals for accredited qualification and follow-up material.
SOURCE NES Financial, a JTC Company
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