FundBPO acquires fund admin business from Alter Domus

FundBPO has acquired the Asia-Pacific hedge fund administration business of Alter Domus in Singapore and Hong Kong.

This comes as Alter Domus seeks to divest from hedge fund administration and focus on its core offering of servicing private equity, real estate, infrastructure funds and private debt funds. Alter Domus staff will transfer to FundBPO, which said it will hire additional staff as well.

FundBPO paid an initial $1 million for the business, which was funded by Initial Public Offering (IPO) proceeds. The final price will be determined by the number of Alter Domus clients which elect to remain with FundBPO.

FundBPO has acquired several businesses including the registry unit from Perpetual in 2012 as well as middle office provider HPO in 2014. Martin Smith, chief executive officer at FundBPO, said the company had a long track record of successfully integrating complementary businesses.

Both firms use the same technology and Smith highlighted there would be continuity in client service during the integration.