Maitland’s acquisition of hedge fund administrator Admiral Administration will lead to the creation of an entity with a collective total of $145 billion in assets under administration.
The combined group will also boast 700 employees in 15 offices across 13 countries. It will support Maitland’s strategy of targeting growth and expanding its global reach.
Maitland CEO, Steve Georgala, said: “Admiral is a premier specialist provider of hedge fund administration services and represents a strong franchise with industry leading technology.”
“The deal offers strategically attractive and financially compelling synergies. Admiral’s hedge fund services expertise and award winning technology will enhance Maitland’s fund services capabilities.”
Canover Watson, managing director of Admiral, who will remain the global head of hedge fund administration for the group, said: “The merger of platforms will result in a powerful combination of Maitland’s global institutional presence and resources, and Admiral’s world-class industry leading technology and extensive hedge fund expertise.”
“We aim to be a global leader with the institutional infrastructure and resources to assist our clients, whatever their size, location or investment strategy, to meet the increasingly complex requirements of their investors and regulators.”
Power purchases
This is the latest in a line of fund administrator acquisitions. Earlier this year, State Street bought hedge fund administrator Goldman Sachs Administration Services from the Goldman Sachs group in a deal worth up to $550 million, making the firm the top hedge fund administrator in the world based on industry data.
In 2011, Apex Fund Services also expanded with the acquisition of Lazorne Fund Administration Service from Lanzorne Group in Australia.
