Fund Recs Blog

A Complete History of Fund Administration Mergers and Acquisitions

By Freda McCusker and Alan Meaney

It’s getting increasingly difficult to track all the merger and acquisition (M&A) deals in the Fund Administration industry.

We couldn’t find a single comprehensive source so we decided to create one ourselves.

This post will be updated on an ongoing basis. We'd love to hear from you if we're missing anything. Please contact alan@fundrecs.com if you've details we can add.

Click the links below to view deal details or scroll down for the full timeline:

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

  • Intertrust to acquire the business of Sameer Mittal & Associates LLP

    Intertrust Sameer Mittal & Associates Logos

    Intertrust, a specialist in providing tech-enabled fund and corporate solutions, has reached a binding agreement to acquire the corporate services business of India-based Sameer Mittal & Associates.

    Sameer Mittal & Associates, which was established in 2012, has been Intertrust’s preferred corporate services partner in the region since 2016 and currently employs approximately 50 permanent members of staff. The business provides a range of administration services dedicated to servicing multinationals, private equity and funds clients.

    Value - n/a

    Assets under Administration (AuA) - n/a

    Press Release - Intertrust to expand footprint in India with acquisition of leading corporate services provider: link

    Press Coverage - Intertrust expands footprint in India with acquisition: link

    Website - www.intertrustgroup.com

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  • JTC acquires NES Financial

    IQ-EQ Blue River Partners Logos

    JTC, the award winning provider of fund, corporate and private client services, is pleased to announce it has agreed to acquire NES Financial, a US based, technology-enabled, market leading provider of specialist fund administration services for an initial consideration of £32.3m or US$40.0m to be satisfied via the issue of 7,453,178 ordinary shares in JTC and US$0.25m cash. The acquisition represents a key part of JTC's ongoing growth strategy and, in particular, its focus on developing its Institutional Client Services ("ICS") business in the United States and a commitment to acquire and develop technology capabilities that drive future growth and operating efficiency.

    Founded in 2005, NESF has 58 employees, all of whom will join JTC, delivering services from Boston, Massachusetts, where its fund administration operation is based and San Jose, California, which is the company's corporate headquarters and technology development centre of excellence.

    Value - $40m with earnout potential of $116m

    Assets under Administration (AuA) - US$130 billion

    Press Release - Acquisition of NES Financial ("NESF") : link

    Press Coverage - JTC acquires leading US fund administration business NES Financial: link

    Website - www.jtcgroup.com

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  • IQ-EQ acquires Blue River Partners

    IQ-EQ Blue River Partners Logos

    Fund administrator IQ-EQ has acquired Blue River Partners to boost its hedge and private equity services in the US. The firm provides fund administration to private equity funds; fund operations, middle-office and outsourced CFO services to hedge funds and management company (ManCo) operations services.

    Founded in 2009, Blue River pioneered back-office outsourcing for alternative asset managers, and has grown to become an industry leader, servicing more than 400 clients across the U.S. and employing approximately 180 team members across its 7 office locations - Dallas (HQ), Fort Worth, Houston, Austin, New York, Chicago and San Francisco.

    Value - n/a

    Assets under Administration (AuA) - n/a

    Press Release - IQ-EQ to partner with Blue River Partners: link

    Press Coverage - IQ-EQ acquires Blue River Partners to bolster US alternatives business: link

    Website - www.iqeq.com

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  • SANNE Group acquires Inbhear Fund Services

    SANNE Group and Inbhear Logos

    The FTSE 250 fund administrator announced an agreement to acquire Inbhear Fund Service Ltd and Inbhear Management Services Ltd, collectively a fund administration platform, for up to EUR14.4 million.

    Inbhear is a fund administration platform that establishes a physical presence in Cayman for the Group, as well as enhancing our existing Dublin capabilities and client base. The acquisition is expected to complete on 1 March 2020 following regulatory clearance. The transaction is expected to be earnings neutral in 2020 due to the increased investment in the Cayman business and earnings enhancing from 2021 onwards.

    Value - €14.4 Million

    Assets under Administration (AuA) - £250 billion

    Press Release - SANNE is pleased to announce that it has entered into an agreement to acquire Inbhear Fund Service Limited and Inbhear Management Services Limited: link

    Press Coverage - Sanne Expects Annual Revenue Growth, Acquires Fund Platform Inbhear: link

    Website - www.sannegroup.com

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  • MUFG Investor Services Acquires Select Divisions of Maitland’s Hedge Fund Administration Business

    Ultimus and LeverPoint Logos

    MUFG Investor Services, the global asset servicing arm of Mitsubishi UFJ Financial Group (“MUFG”), has reached an agreement to acquire select divisions of the fund administration business of Maitland, a privately owned global advisory, administration and family office firm. Maitland personnel will join MUFG Investor Services offices in the Cayman Islands, Halifax, and Dublin.

    When completed, the acquisition will add approximately $20 billion in assets under administration (“AUA”) to MUFG Investor Services, bringing the total AUA to over $600 billion and expanding the firm’s market share in major markets. The assets consist of hedge funds and private equity funds.

    Value - n/a

    Assets under Administration (AuA) - $600 billion

    Press Release - MUFG Investor Services Acquires Select Divisions of Maitland’s Hedge Fund Administration Business: link

    Website - www.mufg-investorservices.com

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  • Opus Fund Services acquires fund administration unit of Advanced Fund Administration

    Ultimus and LeverPoint Logos

    Independent fund administrator Opus Fund Services has acquired the fund administration unit of Advanced Fund Administration (AFA), which has offices in the Cayman Islands and New Jersey.

    Prior to today’s announcement, Advanced Fund Administration provided multiple lines of business to its hedge fund clients consisting of legal, advisory and compliance services. Peter Young, President, Chief Operating Officer and Founder of AFA, and his team, will work together with Opus as consultants in conjunction with this acquisition.

    Value - n/a

    Assets under Administration (AuA) - n/a

    Press Coverage - Opus Fund Services acquires fund administration unit of Advanced Fund Administration: link

    Website - www.opusfundservices.com

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  • Ultimus Fund Solutions Acquires LeverPoint Management

    Ultimus and LeverPoint Logos

    Ultimus Fund Solutions has agreed to acquire private market fund administrator LeverPoint Management.

    In total, Ultimus will service over $220 billion of assets under administration and over 1,250 total traditional and alternative funds after the completion of the transaction.

    Value - n/a

    Assets under Administration (AuA) - $220 billion

    Press Release - Ultimus Fund Solutions Acquires LeverPoint Management: link

    Press Coverage - Ultimus boosts private markets offering with acquisition LeverPoint Management: link

    Website - www.ultimusfundsolutions.com

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  • Ocorian to merge with Estera

    Ocorian and Estera Logos

    Estera, a global provider of funds, corporate and trust services and an active service provider to the insurance-linked securities (ILS) and reinsurance markets, has been acquired and will combine with corporate administration and fiduciary service provider Ocorian.

    The combined operations will employ more than 1,250 professionals globally, with more than 8,000 clients being served across the corporate service, fund administration and private client sector.

    Value - n/a

    Assets under Administration (AuA) - n/a

    Press Release - Ocorian to merge with Estera: link

    Press Coverage - Estera acquired, to combine with Ocorian: link

    Website - www.ocorian.com

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  • Gen II acquires Quilvest Luxembourg Services

    Gen II and Quilvest Logos

    Gen II Fund Services has purchased Quilvest Luxembourg Services (QLS) from Quilvest Private Equity. QLS is a Lux-based Quilvest affiliate, offering private equity and real estate administration services. It has more than $5bn AUA. It employs 55 people.

    The deal marks yet another event in the ongoing fund administration M&A boom. For Gen II, this acquisition supports broader market trends of fund administrators boosting their geographical coverage through M&A.

    Value - n/a

    Assets under Administration (AuA) - $275 billion USD

    Press Release - Quilvest Private Equity and Gen II Fund Services enter into a strategic agreement: link

    Press Coverage - Gen II picks up Quilvest Luxembourg Services: link

    Website - www.gen2fund.com

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  • Intertrust acquires Viteos

    Intertrust and VITEOS Logos

    Intertrust has acquired U.S.-based Viteos for $330 million (£263.3 million), the Dutch business administration company said on Tuesday, in a deal that will help strengthen its foothold in the United States and increase exposure to funds.

    The purchase from PPC Enterprises LLC, FiveW Capital LLC and Viteos management was funded through debt and cash on balance sheet with $11 million re-invested by Viteos’ management and key employees in Intertrust shares.

    Value - $330 million USD

    Assets under Administration (AuA) - n/a

    Press Release - Intertrust acquires Viteos: link

    Press Coverage - Dutch Intertrust buys U.S. based Viteos for $330 million: link

    Website - www.intertrustgroup.com

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  • Oak to buy International Administration Group

    OAK Group and IAG Logos

    Oak, a recently launched fund administrator based in Guernsey, has agreed to acquire local peer International Administration Group (IAG).

    Oak launched in March this year. The business is the consolidation of Oak Trust Group, Consortia Partnership and Kreston IOM which between them have offices in Guernsey, Jersey, the Isle of Man, Malta and Mauritius.

    Value - Not disclosed

    Assets under Administration (AuA) - £20 billion GBP

    Press Release - Oak strengthens its fund services offering by acquiring IAG: link

    Press Coverage - Fund administrator Oak to buy International Administration Group : link

    Website - www.oak.group

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  • Apex continues acquisition streak with Broadscope

    Apex and Broadscope Fund Administrators Logos

    Apex Group has acquired Broadscope Fund Administrators, a US-based private equity fund administrator.

    The deal adds a further $40 billion in assets under administration (“AuA”) to Apex’s portfolio, taking it to a total of $650bn globally, in addition to further strengthening its capabilities and presence in the US following the recent acquisition of Atlantic Fund Services (“Atlantic”).

    Value - Not disclosed

    Assets under Administration (AuA) - $650 billion

    Press Release - Apex acquires Broadscope Fund Administrators further expanding its US presence and adding $40BN to its Global AUA: link

    Press Coverage - Apex continues acquisition streak with Broadscope : link

    Website - www.apexfundservices.com

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  • Apex acquires Atlantic Fund Services

    Apex and Atlantic Fund Services Logos

    Third deal of the year for Apex Group which adds mutual fund administration capabilities of Atlantic Fund Services to its growing list of acquisitions.

    The addition of specialist 40-Act service capabilities will also boost Apex’s already broad fund services offering. Apex Group will add a further $12 billion in assets under administration to its portfolio through the acquisition, bringing its total to $622 billion.

    Value - Not disclosed

    Assets under Administration (AuA) - $622 billion

    Press Release - Apex acquires Atlantic Fund Services expanding its US presence: link

    Press Coverage - Apex continues acquisition spree with agreement to takeover Atlantic Fund Services: link

    Website - www.apexfundservices.com

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  • Apex acquires Beacon Fund Services

    Ultimus and Gemini Logos

    The acquisition of Beacon, a Bermuda-based fund administrator, adds USD10 billion in assets under administration (AUA) to the Apex Group's portfolio.

    Beacon was established in 1995 and delivers sophisticated service offerings to both offshore and domestic hedge funds and other international entities. Beacon's addition to the Apex Group is another strong strategic and cultural fit given its independent business model and focus on delivering a personal approach customer service.

    Value - Not disclosed

    Assets under Administration (AuA) - $600 billion

    Press Release - Apex announces aquisition of Beacon Fund Services: link

    Press Coverage - Apex acquires Beacon Fund Services: link

    Website - www.apexfundservices.com

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  • Apex Group acquires Link’s CPCS and Throgmorton

    Apex Link Logos

    Apex Group (Apex) and Genstar Capital (Genstar) have acquired the Corporate and Private Client Services (CPCS) and Throgmorton businesses of Link Group’s Asset Services division.

    The acquisition substantially bolsters Apex’s corporate services capabilities adding specialist hubs in the UK, Jersey, Ireland, Luxembourg, the Netherlands, Hungary and Switzerland. In addition, the businesses have an established and robust service infrastructure, administering and safeguarding assets across seven highly-regulated European jurisdictions.

    Value - Not disclosed

    Assets under Administration (AuA) - $600 billion

    Press Release - Apex Group adds significatant Corporate Services capabilities through acquisition of CPCS AND Throgmorton: link

    Press Coverage - Ultimus Fund Solutions and Gemini to merge following private equity backing: link

    Website - www.apexfundservices.com

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  • GTCR Announces Strategic Combination of Ultimus and Gemini

    Ultimus and Gemini Logos

    GTCR, a US private equity firm, has entered into an agreement to separately acquire Ultimus Fund Solutions and Gemini Companies.

    The combined company, which will operate as Ultimus Fund Solutions only, will hold approximately $150 billion of assets under administration, service over 840 funds, and provide a range of middle- and back-office services to mutual fund and alternative investment managers.

    Value - Not disclosed

    Assets under Administration (AuA) - $150 billion

    Press Release - GTCR Announces Strategic Combination of Ultimus and Gemini: link

    Press Coverage - Ultimus Fund Solutions and Gemini to merge following private equity backing: link

    Website - www.ultimusfundsolutions.com

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  • Apex announces acquistion of Custom House

    Apex and Custom House Logos

    The deal increases Apex’s AuA to $560 billion, after completing the onboarding process of Deutsche Bank’s Alternative Fund services business in June.

    With over $24bn in AUA, Custom House provides fund administration services to more than 200 managers and 500 investment funds. The firm has offices in Beijing, Chicago, Dublin, Geneva, Hong Kong, Malta, Rotterdam, Shanghai, Shenzhen, Singapore, Sofia and Sydney.

    Value - Not disclosed

    Assets under Administration (AuA) - $560 billion

    Press Release - Apex announces acquistion of Custom House: link

    Press Coverage - Apex adds $24 billion of assets with Custom House acquisition: link

    Website - www.apexfundservices.com

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  • SS&C to buy Eze Software for $1.45 billion

    SS&C and EZE Software Logos

    SS&C Technologies announced it has entered into a definitive agreement to acquire Eze Software from TPG Capital for $1.45B.

    Boston-based Eze Software offers order management, execution management and portfolio accounting technology to 25000 buy and sell-side client in 45 countries. In 2017, the firm recorded total revenues of $280 million and Adjusted Ebitda of $105 million.

    Value - $1.45 billion

    Assets under Administration (AuA) - Over $1.4 trillion

    Press Release - SS&C to Acquire Eze Software: link

    Press Coverage - SS&C to Acquire Eze Software from TPG For $1.45 Billion: link

    Website - www.ssctech.com

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  • State Street to Acquire Charles River Development for $2.6 Billion

    Statestreer and Charles River Development Logos

    State Street is to acquire Charles River Development in an all cash transaction valued at $2.6 billion.

    Charles River, a provider of order management systems for the investment industry, reported total revenues of more than $300 million in 2017. The company serves more than 300 clients across institutional, wealth, asset owner and alternative market segments, including 49 of the top 100 asset managers.

    Value - $2.6 billion

    Assets under Custody and Administration - $33.9 trillion in assets under custody and administration

    Press Release - State Street to Acquire Charles River Development for $2.6 Billion: link

    Press Coverage - State Street to acquire Charles River Development: link

    Website - www.statestreet.com

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  • SGG Group acquires Augentius

    SSG Group and Augentius Logos

    SGG Group, a leading global investor services firm, has announced the acquisition of Augentius, a leading global provider of alternative investment solutions to the Private Equity and Real Estate communities.

    Augentius, who employs over 650 professionals, offers a complete suite of fund administration, depositary, regulatory and compliance solutions to institutional investors across 13 jurisdictions including the UK, Guernsey, the US, Luxembourg, Singapore and Hong-Kong.

    Value - Not disclosed

    Assets under Administration (AuA) - Over $400 billion

    Press Release - SGG Group acquires Augentius: link

    Press Coverage - SGG Group acquires Augentius: link

    Website - www.sgggroup.com

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  • Apex Fund Services continues acquisition spree with Ipes purchase

    Apex Fund Services and Ipes Logos

    Apex Fund Services agreed to acquire private equity fund administration services provider Ipes alongside Genstar Capital from European private equity firm Silverfleet Capital.

    With the successful closing of this acquisition, Apex employee numbers will reach almost 2,000 and its total assets being serviced will increase to circa $535 billion propelling the Group to the fifth largest fund administrator globally.

    Value - Not disclosed

    Assets under Administration (AuA) - $535 billion

    Press Release - Apex Announces Acquistion of Ipes: link

    Press Coverage - Apex Fund Services continues acquisition spree with Ipes purchase: link

    Website - www.apexfundservices.com

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  • Ultimus Fund Solutions acquires Woodfield Fund Administration

    Ultimus Fund Services and Woodfield Fund Administration Logos

    Ultimus Fund Solutions has acquired Woodfield Fund Administration, a privately-owned private fund administration firm headquartered in Chicago, Illinois.

    After the acquisition, the firm will serve over 140 clients with nearly 200 employees, and Ultimus’ assets under administration will grow to more than $75 billion. Ultimus, headquartered in Cincinnati, Ohio, will also maintain offices in Chicago, Illinois and Denver, Colorado, cities in which Woodfield currently operates.

    Value - Not disclosed

    Assets under Administration (AuA) - Over $75 billion

    Press Release - Ultimus Fund Solutions acquires private fund servicing business: link

    Press Coverage - Ultimus Fund Solutions acquires private fund servicing business: link

    Website - www.ultimusfundsolutions.com

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  • Centaur Fund Services buys Luxembourg Capital Partners S.A.

    Centaur Fund Services and Luxembourg Capital Partners S.A. Logos

    Centaur Fund Services will open a new office in Luxembourg after agreeing to acquire local fund-administration firm Luxembourg Capital Partners.

    The alternative fund administration house said the acquisition, along with a planned expansion of Centaur's Luxembourg base, would support its strategy to build its service for private equity and real estate funds.

    Value - Not disclosed

    Assets under Administration (AuA) - n/a

    Press Release - Centaur Establishes Luxembourg Office: link

    Press Coverage - Centaur Fund Services buys Luxembourg admin: link

    Website - www.centaurfs.com

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  • SS&C to acquire North American Fund Administration Business from CACEIS, Crédit Agricole S.A.

    MAS and Ocorian Logos

    SS&C Technologies Holdings announced it has entered into an agreement to acquire CACEIS North America, the fund administration business of CACEIS based in Toronto and New York.

    CACEIS is known for its leading fund administration services and support for complex investment strategies. The acquisition will add 65 employees, servicing more than $15.8 billion in investment fund assets.

    Value - Not disclosed

    Assets under Administration (AuA) - Over $1.4 trillion

    Press Release - SS&C to acquire North American Fund Administration Business from CACEIS, Crédit Agricole S.A.: link

    Press Coverage - SS&C to buy Caceis North America: link

    Website - www.ssctech.com

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  • Ocorian Completes Acquisition of MAS International to Extend its Fund and Corporate Services in Luxembourg & Mauritius

    MAS and Ocorian Logos

    Ocorian, an independent provider of corporate, alternative investment and private client services - has completed the acquisition of MAS International (MAS), a Luxembourg and Mauritius based provider of fund administration and corporate services.

    The acquisition represents a significant milestone in the development of Ocorian’s growing international portfolio of financial services, increasing its presence in Luxembourg to over 80 in-country experts

    Value - Not disclosed

    Assets under Administration (AuA) - $150 billion

    Press Release - Ocorian Completes Acquisition of MAS International to Extend its Fund and Corporate Services in Luxembourg & Mauritius: link

    Press Coverage - Ocorian extends funds and corporate services in Luxembourg and Mauritius with MAS acquisition: link

    Website - www.ocorian.com

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  • SS&C to acquire DST Systems in 5.4 billion dollar deal

    SS&C and DST Systems Logos

    SS&C Technologies Holdings Inc said it will buy DST Systems Inc in a $5.4 billion deal, expanding its financial technology software prowess through its largest deal to date.

    The deal is Windsor, Connecticut-based SS&C’s latest in its quest to build out its financial software expertise that serves banks and the investment industry. It also gets an entry into the healthcare information technology market.

    Value - $5.4 billion

    Assets under Administration (AuA) - Over $1.4 trillion

    Press Release - SS&C to acquire DST Systems in 5.4 billion dollar deal: link

    Press Coverage - SS&C boosts banking software heft with $5.4 billion DST deal: link

    Website - www.ssctech.com

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  • Apex Announces Acquistion of M.M.Warburg & Co’s Asset Management and Servicing Business in Luxembourg

    Apex Fund Services and M.M. Warburg Logos

    Apex Fund Services on Monday announced it will acquire the asset servicing business of investment bank M.M. Warburg & Co.

    The transaction is the third for Apex in the space of six months following the acquisition of both Equinoxe Alternative Investment Services and Deutsche Bank’s Alternative Fund Services business in 2017.

    Value - Not disclosed

    Assets under Administration (AuA) - Over $300 billion

    Press Release - Apex Announces Acquistion of M.M.Warburg & Co’s Asset Management and Servicing Business in Luxembourg: link

    Press Coverage - Apex Fund Services to buy M.M. Warburg asset servicing business in latest acquisition: link

    Website - www.apexfundservices.com

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  • SGG Group acquires First Names Group

    SGG Group and First Names Group Logos

    SGG Group, a fund administrator, has acquired a Jersey-based fund services group to deepen its coverage of specialist client segments and geographies.

    The combined entity has over 1,500 staff and covers 23 jurisdictions. SGG said Jersey, Guernsey, the Isle of Man, Switzerland and Cyprus were among its key markets.

    Value - Not disclosed

    Assets under Administration (AuA) - Over $250 billion

    Press Release - SGG Group and First Names Group join forces: link

    Press Coverage - SGG Group expands fund admin with Jersey acquisition: link

    Website - www.sgggroup.com

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  • Link Group acquires Capita Asset Services

    Link Group and Capita Asset Services Logos

    The acquisition of CAS is in line with Link Group’s strategy to grow through further penetration of attractive markets and expand its product and regional capabilities and in particular extending the European operating platform.

    Link Group is a provider of technology-enabled solutions in financial and corporate markets. The company is listed on the Australian Securities Exchange.

    Value - £888 million GBP

    Assets under Administration (AuA) - Over £600 billion

    Press Release - Link Group to Acquire Capita Asset Services suppport by capital raising: link

    Press Coverage - Link Group acquires Capita Asset Services: link

    Website - www.linkgroup.com

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  • Apex Fund Services Announces Acquisition of Deutsche Bank's Alternative Fund Services Business

    Apex Fund Services and Deutsche Bank Alternative Fund Services Logos

    Apex Group Ltd. and Genstar Capital today jointly announced the acquisition of the Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) Alternative Fund Services (“AFS”) business.

    The transaction will add $170 billion in AUA, propelling Apex to become the eighth largest administrator in the world and the largest independent administrator. Apex’s global reach and connected operating model opens up an additional 18 investment jurisdictions to AFS clients, with local expertise available through the Apex network of offices.

    Value - Not disclosed

    Assets under Administration (AuA) - Over $300 billion

    Press Release - Apex Announces Acquisition of Deutsche Bank's Alternative Fund Services Business: link

    Press Coverage - Apex Fund Services Announces Acquisition of Deutsche Bank's Alternative Fund Services Business: link

    Website - www.apexfundservices.com

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  • SS&C Closes Acquisition of CommonWealth Fund Services

    Common Wealth Fund Services and SS&C Logos

    SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced the acquisition of CommonWealth Fund Services Ltd. ("CommonWealth"), an award-winning Canadian fund administrator servicing over $8 billion in assets.

    Acquisition of fast-growing Canadian fund administrator adds more than 100 fund relationships.

    Value - Not disclosed

    Assets under Administration (AuA) - Over $1 trillion

    Press Release - SS&C Closes Acquisition of CommonWealth Fund Services: link

    Press Coverage - SS&C Closes Acquisition of CommonWealth Fund Services: link

    Website - www.ssctech.com

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  • Sanne Group PLC has agreed to acquire Luxembourg Investment Solutions SA and Compliance Partners SA

    Maitland and R&H Logos

    Sanne Group PLC (SNN.LN) said Friday it has agreed to acquire Luxembourg Investment Solutions SA and Compliance Partners SA for an initial payment of 55 million euros ($64.7 million).

    Founded in 2011, the Companies employ more than 70 people, the majority of whom are based in Luxembourg and a small operation in Dublin. The business provides alternative asset and corporate focused administration services to more than 60 clients and administers in excess of 100+ fund structures.

    Value - $64.7 million

    Assets under Administration (AuA) - Over £160 billion (GBP)

    Press Release - SANNE enters into agreement to acquire leading AIFM and open ended mutual fund (UCITS) provider in Luxembourg: link

    Press Coverage - Sanne Group to Acquire Two Luxembourg-Based Companies for EUR55 Million: link

    Website - www.sannegroup.com

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  • Maitland acquires R&H Fund Services Guernsey

    Maitland and R&H Logos

    Maitland acquired Guernsey-based Designated Manager, R&H Fund Services (Guernsey) Limited.

    Founded in Luxembourg in 1976, Maitland provides multi-jurisdictional legal, tax, fiduciary, investment and fund administration services to private, corporate and institutional clients. The firm is privately owned and fully independent, administering funds for multiple investment managers and sponsors, and has more than $280 billion in assets under administration.

    Value - Not disclosed

    Assets under Administration (AuA) - $280 billion

    Press Release - Maitland establishes presence in Guernsey as global growth ramps up: link

    Press Coverage - Maitland acquires R&H Fund Services Guernsey (Institutional Asset Manager): link

    Website - www.maitlandgroup.com

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  • Estera acquires Heritage Financial Services

    Estera and Heritage Financial Services Logos

    Leading global fiduciary and administration provider, Estera, has acquired the Heritage Financial Services Group (HFSG), an independent business providing third party fund administration, depositary, trust and corporate services in Guernsey, the UK and Malta..

    Heritage employs around 100 people across three jurisdictions and the company is expected to be rebranded as Estera once the deal is finalised.

    Value - not disclosed

    Assets under Administration (AuA) - not disclosed

    Press Release - Estera continues expansion plan with Heritage Financial Services acquisition: link

    Press Coverage - Estera continues expansion plan with Heritage Financial Services acquisition: link

    Website - www.estera.com

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  • Mainstream Group acquires Trinity Fund Administration

    Mainstream Group and Trinity Logos

    Australian fund administrator Mainstream Group is acquiring Trinity Fund Administration in Ireland and the Cayman Islands. The total combined purchase price of the acquisition is US$5 million..

    Privately owned Trinity currently provides administrative, transfer agency, company register, corporate secretarial, risk and regulatory reporting and other ancillary services to over 140 funds and investment vehicles incorporated in a variety of jurisdictions.

    Value - $5m

    Assets under Administration (AuA) - $119 billion

    Press Release - Mainstream Group acquires Trinity Fund Administration in Dublin and the Cayman Islands: link

    Press Coverage - Mainstream Group acquires Trinity Fund Administration in Dublin and Cayman Islands (Reuters): link

    Website - www.mainstreamgroup.com

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  • Apex Fund Services Acquired Equinoxe Alternative Investment Services

    Apex Fund Services and Equinoxe Logos

    In May 2017, Apex announced the acquisition of Equinoxe Alternative Investment Services along with new private equity backing from Genstar Capital (www.gencap.com).

    Equinoxe is an alternative fund administrator firm with $24 billion of assets under administration. This recent acquisition increased Apex’s suite of middle office solutions and brought its assets under administration close to $80 billion.

    Value - Not disclosed

    Assets under Administration (AuA) - Close to $80 billion

    Press Release - Apex Fund Services to Expand Leading Fund Administration Platform Through the Acquisition of Equinoxe Alternative Investment Services: link

    Press Coverage - Private equity backing propels Apex into Equinoxe acquisition (Global Custodian): link

    Website - www.apexfundservices.com

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  • Public Pension Capital, FiveW buy Viteos Fund Services

    PPC, FiveW Capital and Viteos Logos

    Public Pension Capital (PPC) and FiveW Capital, together with Viteos management, have acquired Viteos Fund Services, a leading provider of middle- and back office technology and services for the investment management industry.

    Viteos, founded in 2003, provides customized straight-through-processing and integrates post-trade operations for the investment management industry in the United States, Europe and Asia.

    Value - Not disclosed

    Assets under Administration (AuA) - $78.46 billion

    Press Release - Public Pension Capital, FiveW buy Viteos Fund Services: link

    Press Coverage - Private equity firms complete Viteos Fund Services acquisition (Global Custodian): link

    Website - www.viteos.com

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  • SS&C Agrees to Acquire Conifer Financial Services

    SS&C and Conifer Logos

    Fund administration specialist SS&C Technologies agreed to acquire San Francisco-based independent asset servicer Conifer Financial Services LLC in a deal valued at $88.5 million.

    Conifer has 200 clients worldwide representing $110 billion of combined assets under administration. A statement written at the time stated that the acquisition would strengthen SS&C's market position on the West Coast and enable it to provide a wider array of services to a growing customer base in foundations and endowments, pensions, and outsourced CIO portfolios, the statement added.

    Value - $88.5 million USD

    Assets under Administration (AuA) - Over $1 trillion

    Press Release - SS&C Agrees to Acquire Conifer Financial Services: link

    Press Coverage - SS&C Technologies Agrees To Buy Conifer Financial Services For $88.5M (Finalternatives): link

    Website - www.ssctech.com

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  • Mainstream Group acquires Isle of Man based fund administrator Galileo Fund Services

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  • SANNE Group plc acquisition of FLSV Fund Administration Services

    Sanne and FLSV Logos

    SANNE, the specialist provider of outsourced corporate, fund and private client administration, reporting and fiduciary services, announced that it has entered into an agreement to acquire FLSV Fund Administration Services LLC ("FAS") for a total consideration of $65.8 million (£50.7 million).

    With 115 employees, FAS is a New York headquartered business offering fund administration and reporting services to alternative asset managers, primarily in North America.

    Value - $65.8 million USD

    Assets under Administration (AuA) - Over £160 billion (GBP)

    Press Release - SANNE Group plc acquisition of FLSV Fund Administration Services: link

    Press Coverage - Sanne Buys US-Based FLSV Fund Administration For GBP50.7 Million (Morning Star): link

    Website - www.sannegroup.com

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  • SS&C Technologies Inks Deal To Acquire Wells Fargo Fund Services

    SS&C and Wells Fargo Logos

    Fund administration specialist SS&C Technologies has agreed to acquire Wells Fargo Global Fund Services (GFS), the unit of global financial services company Wells Fargo that provides comprehensive administration, middle office, operations and cash/collateral management services to alternative investment managers.

    As a result of the acquisition, SS&C will add more than 250 employees and 130 fund relationships in Hong Kong, London, New York, Minneapolis and Singapore.

    Value - $77.05 million USD

    Assets under Administration (AuA) - Over $1 trillion

    Press Release - SS&C Completes Acquisition of Wells Fargo’s Global Fund Services Business: link

    Press Coverage - Wells Fargo Agrees to Sell Fund Administration Business to SS&C (Bloomberg): link

    Website - www.ssctech.com

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  • Mainstream Group to acquire Fundadministration, Inc.

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  • MUFG Investor Services to acquire Rydex Fund Services from Guggenheim Investments

    MUFG and Guggenheim Logos

    MUFG Investor Services, the global asset servicing group of Mitsubishi UFJ Financial Group, acquired Guggenheim Investment’s 1940-Act mutual fund administration business, Rydex Fund Services.

    The acquisition added $52 billion to MUFG Investor Services’ assets under administration (AuA) bringing its total AuA to $422 billion.

    Value - An estimated $190 million USD (See Nikkei Asian Review article below for details)

    Assets under Administration (AuA) - $422 billion

    Press Release - MUFG Investor Services to acquire Rydex Fund Services from Guggenheim Investments: link

    Press Coverage - Mitsubishi UFJ Trust to buy US mutual fund administration company (Nikkei Asian Review): link

    Website - www.mufg-investorservices.com

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  • Intertrust acquires Elian Group

    Intertrust and Elian Group Logos

    Intertrust bought rival Elian for 435 million pounds ($625.31 million) from private equity firm Electra Partners LLP to expand in the Cayman Islands, Guernsey, Luxembourg and the Netherlands.

    Post acquisition, Elian will comprise circa 25 per cent of the combined group and will benefit from the long term stability that being part of a listed entity provides, as well as increased geographic scale and diversification in line with its long term strategic goals.

    Value - £435 million GBP

    Assets under Administration (AuA) - not disclosed

    Press Release - Intertrust acquires Elian Group: link

    Press Coverage - Electra sells Elian to Intertrust: link

    Website - www.intertrustgroup.com

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  • Horseshoe Group Acquires IKONIC Fund Services

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  • Sanne Group PLC Acquisition of IDS Fund Services

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  • ALPS Fund Services acquired Kaufman Rossin Fund Services

    ALPS and KRFS Logos

    In December 2015, ALPS, a subsidiary of DST Systems, Inc. (NYSE: DST) providing products and services to the financial services industry, and Kaufman Rossin Fund Services, LLC ("KRFS"), an independent, full-service provider of specialized administration services to the global financial community, announced they have entered into an agreement for ALPS to acquire KRFS.

    KRFS, founded in 1994, has about 125 workers and $26 million in annual revenue, according to a federal regulatory filing. (The accounting firm was established in 1962 and employs about 325 people.)

    Value - $95 million USD

    Assets under Administration (AuA) - $50 billion

    Press Release - ALPS To Acquire Kaufman Rossin Fund Services: link

    Press Coverage - Kaufman Rossin sells funds services business for $95 million (Miami Herald): link

    Website - www.alpsinc.com

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  • Mainstream Group acquired the Asia-Pacific hedge fund administration business of Alter Domus

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  • SS&C GlobeOp acquired Citi Alternative Investor Services

    SS&C and Citi Logos

    Hedge fund service provider SS&C Technologies has acquired Citigroup's Alternative Investor Services business, which includes hedge fund and private equity fund services, for $425 million.

    SS&C took on more than 1,400 staff, 265 customers and about $395B in assets under administration. Citi's leaders at the time stayed on and operate as a business unit in SS&C GlobeOp.

    Value - $425 million USD

    Assets under Administration (AuA) - Over $1 trillion

    Press Release - SS&C Acquires Citi’s Alternative Investor Services Business: link

    Press Coverage - SS&C Acquires Citigroup 's Alternative Investor Services Unit (FINalternatives): link

    Website - www.ssctech.com

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  • MUFG Investor Services to acquire UBS Global Asset Management’s Alternative Fund Services business

    MUFG and UBS Logos

    MUFG Investor Services announced the acquisition of the Alternative Fund Services (AFS) business from UBS Global Asset Management.

    The deal formed part of MUFG’s strategy to build a global industry-leading fund administrator. It reportedly more than doubled the company’s total assets under administration to $266bn across 2,300 funds.

    Value - $244 million USD (estimated)

    Assets under Administration (AuA) - $422 billion

    Press Release - MUFG Investor Services to acquire UBS Global Asset Management’s Alternative Fund Services business: link

    Press Coverage - MUFG acquires UBS AM’s Alternative Fund Services: link

    Website - www.mufg-investorservices.com

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  • Maitland Acquires Phoenix Fund Services

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  • The Carlyle Group Agrees to Acquire Conifer Financial Services

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  • Apex acquires Pinnacle Fund Admin

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  • SS&C Technologies Acquires Advent Software

    SS&C and Advent Logos

    SS&C Technologies agreed to buy Advent Software for about $2.3 billion in cash, uniting two big providers of software for the financial services industry.

    Under the terms of the deal, SS&C will pay $44.25 a share, a 7 percent premium to Advent’s closing price on Monday. Including the assumption of debt, the transaction is valued at $2.7 billion.

    Value - $2.7 billion USD

    Assets under Administration (AuA) - Over $1 trillion

    Press Release - SS&C Technologies to Acquire Advent Software: link

    Press Coverage - SS&C to Buy Advent Software for $2.3 Billion: link

    Website - www.ssctech.com

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  • Maples Fund Services Acquires Vistra Fund Services' Hong Kong and Singapore Offices

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  • Circle Partners Buys Caledonian Global Fund Services

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  • BNP Paribas acquires Credit Suisse's fund administration arm

    BNP Paribas and Credit Suisse's Logos

    BNP Paribas Securities Services has agreed to buy the fund administration arm of Credit Suisse creating a business with combined alternative assets under administration (AuA) of $231 billion.

    The move is part of BNP Paribas Securities Services’ strategy to develop its global fund administration franchise. It is understood that it onboarded all of the PFS (Prime Fund Services) staff based in Europe, Asia and the United States. The transaction was expected to close in the first half of 2015.

    Value - Not disclosed

    Assets under Administration (AuA) - $2,067 billion USD

    Press Release - None found

    Press Coverage - BNP Paribas acquires Credit Suisse's fund administration arm: link

    Website - securities.bnpparibas.com

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  • North Street Global Fund Services buys Hedge Solutions

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  • Mitsubishi UFJ Fund Services acquires Meridian Fund Services Group

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  • Trident Fund Services acquired Partnership Financial Consulting LLC

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  • U.S. Bancorp Fund Services, LLC Acquires Quintillion Limited

    US Bancorp Fund Services and Quintillion Logos

    US Bancorp Fund Services acquired Quintillion, the Ireland-based fund administrator.

    The terms of the deal were not disclosed but it is known that the transaction added $18 billion in hedge fund assets under administration (AuA) and 53 Dublin-based employees to US Bancorp Fund Services’ existing business with the combined company now supporting roughly $84 billion in hedge fund AuA.

    Value - Not disclosed

    Assets under Administration (AuA) - $941 billion USD

    Press Release - U.S. Bancorp Fund Services, LLC Acquires Quintillion Limited: link

    Press Coverage - US Bancorp Fund Services acquires Quintillion: link

    Website - www.usbfs.com

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  • Mitsubishi UFJ Trust and Banking Corporation to Acquire Butterfield Fulcrum Group

    MUFG and Butterfield Fulcrum Group Logos

    Mitsubishi UFJ Trust and Banking Corporation (MUTB) has acquired fund administrator Butterfield Fulcrum.

    Butterfield Fulcrum was created in 2008 from a merger between Butterfield Fund Services and Fulcrum Group. In 2011 Butterfield Fulcrum Group was acquired, along with wealth management reporting and administrative services provider FORS, by industry executives Glenn Henderson and Tim Calveley together with BV Investment Partners.

    Value - Not disclosed

    Assets under Administration (AuA) - $422 billion

    Press Release - Butterfield Fulcrum Group to Be Acquired by Mitsubishi UFJ Trust and Banking Corporation: link

    Press Coverage - Mitsubishi UFG Trust and Banking Acquires Butterfield Fulcrum: link

    Website - www.mufg-investorservices.com

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  • Orangefield Acquires Hedge Fund Admin Firm Columbus Avenue

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  • US Bancorp agrees to acquire AIS Fund Administration

    US Bancorp Fund Services and AIS Logos

    U.S. Bancorp Fund Services agreed to acquire AIS Fund Administration, including 176 employees in New Jersey, the United Kingdom and the Cayman Islands.

    Adding AIS $25 billion in hedge fund assets under administration (AuA), it brought U.S. Bancorps total AuA to $50 billion in alternative assets, according to the bank. The administration business provides middle- and back-office services supporting alternative asset fund managers and investors.

    Value - Not disclosed

    Assets under Administration (AuA) - $941 billion USD

    Press Release - U.S. Bancorp Fund Services Acquires AIS Fund Administration: link

    Press Coverage - US Bancorp Agrees to Acquire AIS Fund Administration: link

    Website - www.usbfs.com

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  • Maitland Fund Administration acquired Admiral Fund Administration

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  • State Street to Acquire Goldman Sachs Administration Services

    State Street and Goldman Sachs Logos

    State Street Corporation has agreed to acquire hedge fund administrator Goldman Sachs Administration Services (GSAS) from The Goldman Sachs Group, in a cash transaction with a total purchase price of USD550 million.

    GSAS administered approximately USD200 billion in single manager hedge fund assets on behalf of approximately 150 investment manager clients from locations across the globe. GSAS employees, including client-facing staff and the management team, were expected to have joined State Street following the close of the transaction.

    Value - $550 million USD

    Assets under Administration and Custody (No seperate AuA figure available) - $29.83 trillion USD

    Press Release - State Street to Acquire Goldman Sachs Administration Services: link

    Press Coverage - State Street to acquire Goldman Sachs Administration Services: link

    Website - www.statestreet.com

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  • Sumitomo Mitsui Trust Bank acquired Daiwa Global Asset Services Division

    Sumitomo and Daiwa Logos

    Sumitomo Mitsui Trust Bank (SMTB) and Daiwa Securities Group have executed an agreement that will see SMTB acquire the entire share capital of Daiwas custody and fund servicing subsidiaries in the UK and Europe.

    On the 29 June 2012, SMTB signed a share purchase agreement with Daiwa for two entities, Daiwa Securities Trust & Banking (Europe) and Daiwa Securities Trust Europe. The entities collectively form its global asset servicing division, which includes Daiwa’s fund administration/ UCITS management company, its custodian, its trustee and its authorised corporate director entities domiciled in Dublin and London.

    Value - $37.5 million USD

    Assets under Administration (AuA) - $422 billion

    Press Release - Sale of Daiwa Global Asset Services to Sumitomo Mitsui Trust Bank: link

    Press Coverage - Daiwa sells global asset services arm to Sumitomo: link

    Website - www.sumitrustgas.com

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  • SS&C Acquires GlobeOp

    SS&C and GlobeOp Logos

    Financial services software specialist SS&C Technologies has officially acquired London-based GlobeOp Financial Services for approximately £572 million ($897 million)

    GlobeOp provided independent fund services, specializing in middle- and back office services and integrated risk-reporting to hedge funds, asset management firms and other sectors of the financial industry.

    Value - $897 million USD

    Assets under Administration (AuA) - Over $1 trillion

    Press Release - SS&C Acquires GlobeOp: link

    Press Coverage - SS&C Closes Deal For GlobeOp: link

    Website - www.ssctech.com

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  • Opus Fund Services acquires admin unit of Agile Hedge Solutions

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  • Wells Fargo Acquires Hedge Fund Administrator LaCrosse Global Fund Services

    SS&C and GlobeOp Logos

    Wells Fargo & Company will buy hedge fund administrator LaCrosse Global Fund Services from Cargill for an undisclosed amount.

    Once completed, the deal will allow Wells Fargo CTS to offer complete hedge fund administration services, including operational support, derivatives processing, bank debt processing and cash/collateral management.

    Value - Not disclosed

    Assets under Administration (AuA) - $20 Billion

    Press Release - Wells Fargo to Acquire Fund Administration Provider, LaCrosse Global Fund Services: link

    Press Coverage - Wells Fargo Acquires Hedge Fund Administrator LaCrosse: link

    Website - www.wellsfargo.com

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  • DST Systems, Inc. Announces Agreement to Acquire ALPS Holdings, Inc.

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  • Northern Trust acquires Omnium from Citadel

    Northern Trust and GlobeOp Logos

    Northern Trust has acquired the Chicago-based fund administrator Omnium from Citadel founder Ken Griffin for $100 million.

    Omnium currently administrated $70 billion in hedge funds assets. The firm’s staff were integrated into Northern Trust’s Corporate and Institutional Services business unit as Northern Trust Hedge Fund Services.

    Value - $100 million USD

    Assets under Administration and Custody (No seperate AuA figure available) - $9.3 trillion

    Press Release - Northern Trust Completes Acquisition of Omnium from Citadel: link

    Press Coverage - Everyone Thinks It's Really Weird That Citadel Just Sold Omnium (For $100 Million): link

    Website - www.northerntrust.com/

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  • Northern Trust acquired Bank of Ireland Securities Services

    Northern Trust and Bank of Ireland Security Services Logos

    Bank of Ireland Securities Services was the largest Irish-owned asset administrator. It serviced a broad range of fund, including mutual money-market, exchange-traded funds and property funds.

    Under the terms of the all cash agreement, Northern Trust paid up to €60 million (approximately $82 million) to acquire BoISS. With this acquisition, Northern Trusts combined assets under custody and administration in Ireland increased by about 70 billion (approximately $96 billion).

    Value - $82 million USD

    Assets under Administration and Custody (No seperate AuA figure available) - $9.3 trillion

    Press Release - Northern Trust to Acquire Bank of Ireland Securities Services: link

    Press Coverage - Northern Trust Completes Bank of Ireland Securities Services Acquisition: link

    Website - www.northerntrust.com

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  • Hedgeserv acquired Amundi Alternative Investment Services

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  • LaCrosse Global Fund Services announces acquisition of Bank of America Merrill Lynch global fund administration business

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  • Credit Suisse acquires Fortis’ hedge fund unit

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  • BNY Mellon agrees to acquire BHF Asset Servicing

    BNY Mellon and BHF Asset Servicing Logos

    Bank of New York Mellon Corp. bought BHF Asset Serving GmbH for €253 million ($343 million) from European banks Sal. Oppenheim Jr. & Cie. SCA and BHF-Bank AG.

    The BHF purchase created the second-largest asset servicing provider in Germany, the world's fourth-largest economy with €473 billion in assets under its supervision, BNY Mellon said in a statement. BHF employed 340 people and so its acquisition by BNY Mellon brought its total contingent in Germany, where it has been in business since 1931, to 560.

    Value - $343 million USD

    Assets under Administration and Custody (No seperate AuA figure available) - $31.1 trillion

    Press Release - BNY Mellon agrees to acquire BHF Asset Servicing GmbH: link

    Press Coverage - BNY Mellon Buys BHF Asset Servicing Arm For $343M: link

    Website - www.bnymellon.com

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  • BNY Mellon acquired PNC Financial Services’ Global Investment

    BNY Mellon and PNC Logos

    BNY Mellon announced a definitive agreement to acquire PNC's Global Investment Servicing Inc. (GIS) business.

    The purchase price of $2.31 billion included the purchase of $1.57 billion of stock and repayment of intercompany debt from PNC. BNY Mellon planed to raise between $700-$800 million in equity as part of the transaction.

    Value - $2.31 billion USD

    Assets under Administration and Custody (No seperate AuA figure available) - $31.1 trillion

    Press Release - BNY Mellon to Acquire PNC’s Global Investment Servicing Business: link

    Press Coverage - BNY Mellon to acquire PNC's global investment servicing business: link

    Website - www.bnymellon.com

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  • State Street to acquire Mourant International Finance Administration

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  • UMB Fund Services buys J.D. Clark & Co. for $23M

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  • ALPS Acquires Hedge Fund administrator Price Meadows

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  • Société Générale to acquire the former Capitalia securities services business from UniCredit

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  • State Street acquires Palmeri Fund Administrators

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  • Caceis to acquire alternative fund administrator Olympia Capital International

    State Street and Investors Financial Service Logos

    Caceis, a leading European institutional securities services provider, has signed an agreement to acquire fund administrator Olympia Capital International and its affiliates, which specialise in alternative investments.

    Founded in 1990, privately-held Olympia Capital International has a staff of 230 professionals, offices in Bermuda, Dublin, Halifax, New York and Toronto, and administers around USD69bn in assets for funds domiciled in Bermuda, the Cayman Islands, the British Virgin Islands, Ireland and the US

    Value - Not disclosed

    Assets under Administration - $1.7 trillion USD

    Press Release - Caceis to Acquire Olympia Capital International, an Independent Administrator of Alternative Investment Funds: link

    Press Coverage - Caceis to acquire alternative fund administrator Olympia Capital International: link

    Website - www.caceis.com

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  • SBNP Paribas to acquire RBS International Securities Services

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  • SGSS acquired European Fund Services

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  • State Street to Acquire Investors Financial Services Corporation

    State Street and Investors Financial Service Logos

    State Street Corp. said it would acquire Investors Financial Services Corp for $4.5 billion in stock, the latest takeover in the mutual and hedge fund servicing industry.

    The purchase values Investors Financial at $65.01 a share which was a 38 percent premium to its price at the time. It marked State Street’s second acquisition this year, signaling that the institutional investment manager was acting quickly to re-position itself as the industry consolidates around it.

    Value - $4.5 billion USD

    Assets under Administration and Custody (No seperate AuA figure available) - $29.83 trillion USD

    Press Release - State Street to Acquire Investors Financial Services Corporation: link

    Press Coverage - State Street to Acquire Investors Financial for $4.5 Billion: link

    Website - www.statestreet.com

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  • JPMorgan to Acquire Fund Services Business of Integrated Investment Services

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  • Bank of New York merging with Mellon Financial

    Bank of New York and Mellon Logos

    Bank of New York and Mellon Financial of Pittsburgh agreed to merge in a $16.5 billion deal that will create a securities-processing powerhouse in a little-noticed corner of the financial world.

    The combined entity is called Bank of New York Mellon and has an annual revenue of more than $12 billion.

    Value - $16.5 billion USD

    Assets under Administration and Custody (No seperate AuA figure available) - $31.1 trillion

    Press Release - The Bank of New York Company, Inc. and Mellon Financial Corporation Agree to Merge: link

    Press Coverage - Bank of New York to Buy Mellon for $16.5 Billion: link

    Website - www.bnymellon.com

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