Maitland, an advisory, fund administration and fiduciary services firm, acquired U.K.-based fund administrator Phoenix Fund Services, marking its entry into the U.K. fund administration market.
The deal creates a firm with more than £135 billion ($201.6 billion) in assets under administration.
Under the terms of the deal, Phoenix Fund Services will retain all offices and staff, and senior management will remain as directors. Steve Georgala, CEO at Maitland, said in an e-mail that Patric Foley-Brickley, managing director at Phoenix Fund Services, will head up business development initiatives for Maitland from an institutional client perspective for Europe.
The combined organization will adopt the Maitland name, said a statement on Maitland's website. The financial terms of the deal were not disclosed.
“In an increasingly complex and regulated industry, fund managers are seeking to outsource the entire administration value chain in order to concentrate on their core business,” said Mr. Georgala in a statement. “The era of the one-dimensional fund administrator is over. The leaders will be those who can partner with clients in an advisory capacity as well as provide the right, world-class platform and guidance for product construction and innovation.”
In a separate statement on Phoenix Fund Services' website, Patric Foley-Brickley, managing director, said: “This deal is extremely positive for our clients and our staff. The ability to leverage Maitland's balance sheet and institutional processes and systems will enable us to offer our high-quality fund administration services to a wider variety of clients and fund structures.”
Mr. Foley-Brickley could not be reached for comment by press time.