The North American Fund Administration Association (NAFAA) is to close after four years.
Established by industry veteran Chris Meader, the association aimed to address the requirements and goals of investors and allocators while enhancing and improving both the reputation and understanding of the North American fund administration industry.
As a voice for the administration industry, NAFAA provided a forum where professionals and regulators could share and implement ideas for progression.
The association’s members included Apex, Ultimus Fund Solutions, Centaur Fund Services, Circle Partners as well as Horseshoe, IPS, Basiz and Sudrania Fund Services, among others.
Speaking exclusively to Asset Servicing Times, Meader says: "Unfortunately, the industry did not embrace the concept of collaboration to the extent I thought they would, though most all administrators had some interest in joining and liked the ideas and concepts. But financially, it was not viable to continue."
Meader began his role as senior vice president at Sudrania Fund Services last January.
He has also held other senior roles at State Street, SS&C Technologies and J.P Morgan.
Commenting on the closing of NAFAA via LinkedIn, Meader says: “Wishing all of you a Happy New Year and sharing that I have made the difficult decision to close NAFAA. I want to first thank all of the member firms listed below for their time, effort and commitment towards the association over the past four years and also thank all of you who supported me and the concept of a trade association for our industry.”
