Three specialist fund administration firms have come together under the umbrella of Phoenix Fund Services to serve the increasing number of UK-based managers running offshore traditional and hedge funds alongside their UK onshore platforms, HedgeWeek reported. Phoenix Administration Services, Phoenix Financial Services and Phoenix Fund Services (UK), which previously handled different fund territories and services and have a combined total of $12 billion in assets under administration, have been amalgamated under the single brand of Phoenix Fund Services. The new structure is designed to allow investment managers access to seamless fund administration and investment operations outsourcing services from a single platform covering multiple products and jurisdictions. The combined firm is targeting a growing number of small to medium-sized and start-up investment management firms which fall below the radar of the global fund service providers.