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February 5, 2014updated 04 Apr 2017 2:32pm

Conifer Group, Vastardis merge to form new fund administration business

Conifer Group has agreed to merge with Vastardis Capital Services to form a new global fund administration business called, Conifer Financial Services.

By Verdict Staff

Conifer Group has agreed to merge with Vastardis Capital Services to form a new global fund administration business called, Conifer Financial Services.

According to Conifer, the new entity will offer portfolio accounting, reporting, investor services, tax services, data warehousing, trade execution, prime brokerage, and customized technology solutions.

Conifer Financial Services will be able to deploy these capabilities across the asset class and strategy spectrum to pensions, endowments, family offices, hedge funds, private equity and venture capital managers, RIAs, and traditional asset managers.

Initially, the new Conifer Financial Services will have more than US$70 billion combined assets under administration (AUA) and offer trade execution services to over 200 clients worldwide.

Conifer Group CEO Jack McDonald will be named as president and CEO of the new entity, while Vastardis founder and president, William Vastardis will be named as chairman.

Through this merger, Conifer’s clients in the hedge fund industry with Vastardis’ clients in the fund of fund, endowment/foundation, private equity, and venture capital spaces.

Commenting on the merger, McDonald said: "Combining our two firms will yield significant benefits for our clients and employees and allows us to realize scale in an industry that increasingly demands it. The Conifer and Vastardis teams will continue to serve their clients seamlessly while augmenting our sophisticated technology and service offerings."

Vastardis said: "We are extremely excited to be joining with Jack and the Conifer team to create a larger and more global, independent fund administrator that will serve a variety of alternative asset management clients and institutional investors.

"The newly formed firm will provide us with a tremendous platform to grow our business around the world, as well as give employees more opportunities for professional development and cross-training into new product areas."

The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close at the end of the first quarter of 2014.

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