Australia’s MainstreamBPO has agreed to acquire Fundadministration, New York-based hedge fund administration firm, for an undisclosed amount.
Fundadministration works with emerging and established hedge fund managers, registered investment advisers and traders. It manages 140 funds for 45 clients with funds under administration (FUA) of $5bn.
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MainstreamBPO said that the acquisition will allow it to better support clients looking to establish cross-border investment strategies in Asia or the US.
The deal, which is expected to be completed by 30 September 2016, is expected to increase MainstreamBPO total FUA to AUD94bn.
As per the agreement, Fundadministration CEO Denise DePaola will be appointed as CEO of MainstreamBPO’s US operations. Fundadministration’s existing staff will also join MainstreamBPO.
MainstreamBPO chairman and managing director Byram Johnston OAM said: “We are pleased that Denise and her team will join us to grow and increase our hedge fund services. There are strong synergies and like-minded values between our businesses with each focused on delivering high client service levels to our clients.”
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By GlobalDataCommenting on the acquisition, DePaola, said “I see this partnership as an opportunity for us to provide greater stability, growth and value added services to our clients and our team. It is a real honor to join the MainstreamBPO family, together we will be able to accomplish amazing things.”
