Vastardis Capital and Conifer Group will merge to become one of the largest global fund administrators.
Vastardis and Conifer have signed a merger to create one of the largest fund administration businesses, which will place Credit Suisse and UBS in the pool for SEC-registered managers.
The deal will enable the firm to provide hedge fund services and funds of hedge funds, endowments, foundations, private equity and venture capital. The new company will also will provide portfolio accounting, reporting, tax and investor services as trade execution, prime brokerage and technology services.
Once combined, the firm will reportedly have gross hedge fund assets totaling $47.1 billion.
The merged company will be based in San Francisco under the new title of Conifer Financial Services.
Jack McDonald, the Conifer chief executive, will become president of the new company and William Vastardis, Vastardis founder, will serve as chairman.
