Three specialist fund administration firms have been brought together as “Phoenix Fund Services” to service the increasing number of UK based managers running offshore traditional and hedge funds alongside their UK onshore platforms.
Phoenix Administration Services Limited, Phoenix Financial Services Limited and Phoenix Fund Services (UK) Limited, with a combined total of $12 billion in assets under administration, have been amalgamated under the one single brand, Phoenix Fund Services.
Previously each firm handled different fund territories and services. The new structure will allow investment managers to access seamless fund administration and investment operations outsourcing services from one single platform covering multiple products and jurisdictions.
Phoenix Fund Services now provides offshore traditional and alternative fund administration, middle office outsourcing for traditional and alternative investment managers, investment trust administration and UK collective investment scheme administration.
Phoenix Fund Services is targeting the growing number of small to medium sized investment managers and start-up firms who fall beneath the radar of the global banks. It is also targeting investment managers who recognise the benefits of accessing a comprehensive administration platform covering traditional and alternative administration and investment operations outsourcing.
“There is a significant number of investment managers who are looking for most or all of the core services we provide. There are many UK based managers running offshore funds alongside their UK onshore platform. We can offer the additional benefits of putting the offshore and onshore structures on a common platform and delivering a consistent high quality service, with commonality of data reporting, across all structures.
“We are well placed to grow services in the hedge fund administration market, where, as a result of recent acquisitions of boutique administrators by the global banks, a number of funds are seeing a drop off in the quality of service,” says Gavin Gray, managing director, Phoenix Fund Services offshore operations.
“This allows us to offer a more centralised service and has in part been driven by clients asking if we can handle administration services for other parts of their business because they are struggling to find comparable service levels,” adds Steve King, managing director, Phoenix Fund Services UK based operations.
The new firm has operations in Dublin, Ireland and Chelmsford, England and comprises a team of 40 people.