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Maitland Makes Debut In UK Fund Administration Market
Maitland has acquired the UK's Phoenix Fund Services, a provider of outsourced fund administration services to investment managers in the UK and offshore.
Maitland, the global advisory, fund administration and fiduciary services firm, has entered the UK fund administration space through the acquisition of UK-based Phoenix Fund Services for an undisclosed sum.
The deal pushes Maitland’s assets under administration up by £6.2 billion ($9.3 billion) to over £140 billion.
Through Phoenix, a fund administrator for UK and offshore fund structures, Maitland enters the fund administration sector in the UK, where it already provides private client and corporate services. The deal will enable Maitland to build its share of the long-only and alternative fund administration outsource market in the UK and Europe.
"Acting as a UK authorised corporate director, alternative investment fund manager and fund administrator will be core to Maitland’s offering through this exciting acquisition,” said Maitland's chief executive, Steve Georgala.
“Maitland brings its industrial-strength systems to the deal as an integrator of best-of-breed technology. Phoenix brings its highly skilled administration professionals in a market where talent and knowledge are major differentiators.”
Phoenix Fund Services' senior management team will continue in their roles within the combined organisation, which will take the Maitland name.
The enlarged entity will offer fund oversight and administration to a range of clients, including investment trusts and hedge, private equity, real estate and venture capital trust structures across Europe.
“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,” said Phoenix Fund Services' managing director, Patric Foley-Brickley.
The deal is subject to approval from the UK's Financial Conduct Authority and will take effect from the date of such approval.
