Mitsubishi UFJ Fund Services on Wednesday announced it acquired hedge fund administrator Meridian Fund Services Group, pending regulatory approval.
Terms were not disclosed, said Alistair Scott, Mitsubishi UFJ spokesman. Meridian was owned both by management and outside investors, Mr. Scott said. He did not know what percentage of the firm had been owned by management.
Meridian has $14 billion in assets under administration. The acquisition raises Mitsubishi UFJ's overall AUA to about $165 billion, including $93 billion administered for hedge funds.
Mitsubishi UFJ is a fund administrator for hedge funds, private equity, real estate, mutual funds and family offices.
The Meridian brand will be eliminated, and the business will become part of Mitsubushi UFJ Fund Services. Tom Davis, Meridian chairman, will move to Mitsubishi UFJ Fund Services, but his new title has not been determined, Mr. Scott said. Meridian's employees will all move to MUFJ, he added.
The Meridian acquisition comes seven months after MUFJ closed on its acquisition of alternative fund administrator Butterfield Fulcrum Group, which was renamed Mitsubishi UFJ Fund Services.