Global advisory and fund administration firm Maitland has acquired UK based Phoenix Fund Services, a fund administrator for UK and offshore fund structures.
The deal boosts Maitland’s assets under administration by £6.2 billion (€8.6 billion) to over £140 billion. It also brings the company into the fund administration sector in the UK, where it already has an established private client and corporate services business.
Phoenix Fund Services provides fund set-up, fiduciary oversight and fund administration services to traditional fund managers and also acts as an Alternative Investment Fund Manager (AIFM) and fund administrator to Investment Trusts, Non-Ucits Retail Schemes (Nurs) and alternative fund structures.
Maitland, which has existing AIFM capabilities in Luxembourg, aims to use Phoenix Fund Services’ UK presence to grow its share of the long-only and alternative fund administration outsource market in the region and across Europe.
Steve Georgala, Maitland chief executive officer, says: “In an increasingly complex and regulated industry, fund managers are seeking to outsource the entire administration value chain in order to concentrate on their core business. The era of the one-dimensional fund administrator is over.
“The leaders will be those who can partner with clients in an advisory capacity as well as provide the right, world-class platform and guidance for product construction and innovation.”
The acquisition will only take effect when it receives approval from the Financial Conduct Authority. Phoenix Fund Services will retain its offices and staff and the existing Phoenix Fund Services senior management team will remain as directors, though the merged organisation will adopt the Maitland brand name.
The combined entity will offer fund oversight and administration to investment trusts, Ucits, Nurs, qualified investor schemes (QIS), hedge, private equity, real estate and venture capital trust structures across Europe.
©2015 funds europe