Maitland Enters U.K Fund Admin Market With Phoenix Acquisition

Global fund administrator Maitland has entered the U.K. fund administration market through the acquisition of Phoenix Fund Services.

Maitland will add £6.2 billion ($9.3 billion) of assets through the deal, pushing its assets to over £140 billion ($210 billion).

Maitland, which has existing alternative investment fund manager (AIFM)capabilities in Luxembourg, will leverage Phoenix Fund Services’ UK presence to grow its share of the traditional long-only and alternative fund administration outsource market in the UK and Europe.

Maitland CEO Steve Georgala said: “Acting as a UK ACD, AIFM and fund administrator will be core to Maitland’s offering through this exciting acquisition.”

Patric Foley-Brickley, managing director of Phoenix Fund Services, said: “The ability to leverage Maitland’s balance sheet and institutional processes and systems (including InvestOne, Advent Geneva and Investran) will enable us to offer our high quality fund administration services to a wider variety of clients and fund structures.”

Phoenix will retain its offices and staff. The existing Phoenix Fund Services senior management team will remain as directors and will continue to fulfil key management roles within the combined organisation which will adopt the Maitland brand name.

The combined entity will offer fund oversight and administration to investment trusts, UCITS, NURS, QIS, Hedge, Private Equity, Real Estate and VCT structures across Europe.