Maitland, a US-based advisory and fund administration firm, has acquired Phoenix Fund Services, a UK-based fund administrator for UK and offshore fund structures.
The deal, subject to Financial Conduct Authority approval, marks Maitland’s entry into UK’s fund administration sector. The company already has an established private client and corporate services business in the UK.
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The combined entity, created post acquisition, will adopt the Maitland brand name. It will offer fund oversight and administration to investment trusts, UCITS, NURS, QIS, Hedge, Private Equity, Real Estate and VCT structures across Europe.
The deal will increase Maitland’s assets under administration by £6.2bn ($9.3bn) to over £140bn ($210bn).
Phoenix Fund Services will retain its offices and staff following the acquisition. The existing senior management team of Phoenix Fund Services will remain as directors, continuing to hold key management roles within the newly formed company.
Maitland CEO Steve Georgala commented, "Acting as a UK ACD, AIFM and fund administrator will be core to Maitland’s offering through this exciting acquisition. 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."
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By GlobalDataPhoenix Fund Services MD Patric Foley-Brickley added, "This deal is extremely positive for our clients and our staff. 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."
