Aus fund administrator acquires New York business
23 August 2016 New York
Image: Shutterstock
Australian fund administrator MainstreamBPO is set to acquire New York-based hedge fund administrator Fundadministration.
Fundadministration works with both emerging and established hedge fund managers, registered investment advisors and traders, and has funds under administration of USD $5 billion.
The acquisition adds to MainstreamBPO’s operations in Hong Kong, Singapore and Sydney, and is expected to increase funds under administration to a total of AUD $94 trillion (USD $71.8 trillion).
Fundadministration CEO Denise DePaola will join the MainstreamBPO executive team as CEO of US operations, and all other existing staff at Fundadministration will also join MainstreamBPO.
According to MainstreamBPO, the move is part of a growth strategy of expanding into more key fund services markets. New York was selected as a location from which to grow business in North America and the Caribbean—markets that account for $2.3 trillion in hedge fund manager assets.
The acquisition is also intended to help the group support its clients in establishing cross-border investment strategies in Asia and the US.
Byram Johnston, chairman and managing director of MainstreamBPO, said: “We are pleased that Denise DePaola and her team will join us to grow and increase our hedge fund services. There are strong synergies and like-minded values between our businesses with each focused on delivering high client service levels to our clients.”
DePaola, said “I see this partnership as an opportunity for us to provide greater stability, growth and value-added services to our clients and our team. It is a real honour to join the MainstreamBPO family, together we will be able to accomplish amazing things.”
Fundadministration works with both emerging and established hedge fund managers, registered investment advisors and traders, and has funds under administration of USD $5 billion.
The acquisition adds to MainstreamBPO’s operations in Hong Kong, Singapore and Sydney, and is expected to increase funds under administration to a total of AUD $94 trillion (USD $71.8 trillion).
Fundadministration CEO Denise DePaola will join the MainstreamBPO executive team as CEO of US operations, and all other existing staff at Fundadministration will also join MainstreamBPO.
According to MainstreamBPO, the move is part of a growth strategy of expanding into more key fund services markets. New York was selected as a location from which to grow business in North America and the Caribbean—markets that account for $2.3 trillion in hedge fund manager assets.
The acquisition is also intended to help the group support its clients in establishing cross-border investment strategies in Asia and the US.
Byram Johnston, chairman and managing director of MainstreamBPO, said: “We are pleased that Denise DePaola and her team will join us to grow and increase our hedge fund services. There are strong synergies and like-minded values between our businesses with each focused on delivering high client service levels to our clients.”
DePaola, said “I see this partnership as an opportunity for us to provide greater stability, growth and value-added services to our clients and our team. It is a real honour to join the MainstreamBPO family, together we will be able to accomplish amazing things.”
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