Isis Fund Services will now be known as Ikonic Fund Services in the three jurisdictions in which it operates: Bermuda, the Cayman Islands and the United States.

The company, an independent fund administrator, explained: “Even though it was a difficult decision to make, the board of directors and management were in full agreement that the company simply could not continue to share the name of a terrorist organisation”

Ede Conyers, chief executive officer of Ikonic Fund Services, said: “Choosing a new company name was certainly not an easy exercise, especially considering how proud we are of the brand and reputation we have built since we started the company.

“However when the name ‘Ikon’ was suggested to us, we knew instantly that using a variation of the word — ‘Ikonic’ — would be the perfect name for our company as the definition reflects our company’s mission of providing ‘exemplary’ service and being an ‘important’/‘quintessential’ partner to all our clients.” The press release announcing the change reassured clients: “Although the company has a new name, nothing about its key product offering and focus on providing a high touch service to its clients will change.

“The company is currently undertaking a rebranding exercise and will be communicating the changes to our clients, vendors and other relevant counterparties over the coming weeks.”