MUFG Investor Services, a global asset servicing business owned by Mitsubishi UFJ Financial Group (MUFG), has agreed to purchase select divisions of Maitland’s fund administration arm.

The transaction value was not revealed.

The assets to be acquired include hedge funds and private equity funds, which will add around $20bn in assets under administration to MUFG Investor Services’ existing portfolio of more than $580bn.

Maitland head of private equity and hedge fund services Scott Price said: “The partnership and integration with MUFG Investor Services will afford an even larger platform to offer the strongest capabilities to our clients.”

As part of the deal, MUFG Investor Services will absorb the acquired entity’s staff.

These employees will be based at the offices of MUFG Investor Services in the Cayman Islands, Halifax, as well as Dublin upon deal completion that is expected next year.

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The deal is currently pending regulatory approval and continues the buying spree of MUFG Investor Services.

Earlier this year, Maitland bought legal advisory firm Gowling WLG (Monaco).

In 2016, the firm acquired Capital Analytics,the private equity administration unit of Neuberger Berman Group.

In 2015, MUFG Investor Services snapped up UBS Global Asset Management’s alternative fund services business.

Commenting on the latest deal, MUFG Investor Services CEO John Sergides said: “By adding Maitland’s capabilities and technology, we are able to reaffirm our commitment to the alternative asset servicing space and ensure our clients continue to receive the best possible support.”

Established in 1976, Maitland offers tax, fiduciary, investment and fund administration services. The firm has 17 branches and a staff headcount of more than 1,100.

The privately-owned business caters to private, corporate and institutional clients.