FANews
FANews
RELATED CATEGORIES

Maitland acquires award-winning Admiral Administration

12 November 2012Maitland

Maitland, the international legal, fiduciary and fund services group, has acquired Admiral Administration, an award-winning specialist hedge fund administrator headquartered in the Cayman Islands, with offices in Ireland, Canada and the United States.

The acquisition will bring Maitland’s total assets under administration to US$145 billion, of which US$25 billion are hedge fund assets. Maitland is one of the world’s fastest-growing fund administrators and was recently ranked 15th in size globally by fundservices.net.

The new Maitland company will continue to trade as Admiral Administration and will establish an operating entity under that name in South Africa. This will allow for the insourcing of international work onto the Maitland technology platform in Cape Town.

Admiral Administration was voted Best Offshore Administrator by Hedgeweek in 2011 and at the recent HFM awards in New York, Admiral was a finalist for Best Technology for an Administrator among other industry leaders such as SS&C GlobeOp, Citi, State Street, and Citco.

Maitland CEO, Steve Georgala, said: “Maitland’s objective is to establish Admiral Administration as our specialist hedge fund administrator in the group, operating in multiple jurisdictions, both onshore and offshore. We are also well positioned to expand our traditional administration services into the jurisdictions where Admiral has a presence.”

Canover Watson, Managing Director of Admiral, who will assume the role of global head of hedge fund administration for the group, said: “As a specialist hedge fund administrator Admiral uses best-of-breed technology including Advent Geneva, Advent Partner and Paladyne to meet the specific needs of the alternative investments industry.”

As a result of the acquisition of Admiral Administration, Maitland will have 700 employees and 15 offices across 13 countries including: BVI, Cayman, Canada, Ireland, Switzerland, Isle of Man, London, Luxembourg, Malta, Mauritius, Monaco, South Africa and the United States.

Quick Polls

QUESTION

Between 1918 and 2014, 32% of all of Lloyds of London’s insured losses were caused by flooding. With Climate change becoming a growing issue, is this a growing concern for insurers?

ANSWER

Yes, we have seen a significant increase in flood related losses
No, there will always be flood related losses. We are prepared for this.