A new fund administration association led by JP Morgan, State Street and Citi fund services veteran Chris Meader has added three new members.
Stone Coast Fund Services, Basiz Fund Services and North Street Global join the North American Fund Administration Association (NAFAA), which launched at the start of the year.
Apex Fund Services was the first to join in February this year.
“The alternative fund administration industry is transforming and administrators recognise that NAFAA presents an opportunity to collaborate to address how these changes might affect their business strategies” said Meader.
“We are thrilled that Stone Coast, North Street Global and Basiz have decided to join to help strengthen the efforts of the association to advance the alternative fund administration industry.”
The initial goals of the association are to collaborate and promote best practices in the industry, enhance the image and understanding of the fund administration industry, and provide a forum for members to discuss trends and new developments.
Back in February, Apex’s CEO, Peter Hughes said “the US fund administration space and institutional allocators need more structure” when joining NAFAA.
The launch of the association comes at a crucial time in the fund administration industry, after witnessing several years of consolidation. Many bank-owned administrators have left the space, while other independent, tech-orientated firms have grown significantly through mergers and acquisitions.
Furthermore new technology demands from hedge funds, as well as the growth of private equity, real estate and crypto funds have prompted fund administrators to evolve their services.