Maitland Fund Administration has acquired global hedge fund administrator Admiral Administration.
Admiral has offices in the Cayman Islands, Ireland, Nova Scotia and Virginia. It uses technology from Advent Geneva and Paladyne to serve clients in the alternative investments industry including hedge funds, private equity funds, UCITs and other regulated funds.
The combined group will have total assets of $145 billion under administration, 700 employees and 15 offices across 13 countries including: BVI, Cayman, Canada, Ireland, Switzerland, Isle of Man, London, Luxembourg, Malta, Mauritius, Monaco, South Africa and the United States.
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. We are well positioned to expand our traditional administration services into the jurisdictions where Admiral has a presence.”
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, size and resources to assist our clients, whatever their size, location or investment strategy, to meet the increasingly complex requirements of their investors and regulators.”
(JDC)