Maitland acquires Phoenix Fund Services
Steve Georgala, Maitland CEO.
Rapidly growing institutional fund administrator enters UK market.
Global advisory, fund administration and fiduciary services firm Maitland has acquired leading UK-based fund administrator Phoenix Fund Services.
The deal boosts Maitland’s assets under administration by £6.2 billion (USD $9.3bn) to over £140 billion (USD $210bn). It also heralds Maitland’s entry into the fund administration sector in the UK, where it already has an established private client and corporate services business. Maitland will use Phoenix Fund Services’ UK presence to grow its share of both the traditional long-only and alternative fund administration markets in the UK and Europe.
The acquisition, which is subject to approval from the Financial Conduct Authority, will take effect from the receipt of such approval. Phoenix Fund Services will retain all of its offices and staff. Its senior management team will all remain as directors and continue to fulfil key roles within the combined organisation, which will adopt the Maitland brand name.
Maitland CEO Steve Georgala says: “The synergies between Maitland and Phoenix Fund Services are compelling. Maitland brings its industrial-strength systems to the deal as an integrator of best-of-breed technology, including InvestOne, Advent Geneva and Investran. Phoenix Fund Services brings its highly skilled administration professionals in a market where talent and knowledge are major differentiators.”
“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. 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,” says Mr Georgala.
Patric Foley-Brickley, MD of Phoenix Fund Services, says: “This deal is extremely positive for our clients and our staff. The ability to leverage Maitland’s balance sheet, institutional processes and systems will enable us to offer our high quality fund administration services to a wider variety of clients and fund structures.
“The acquisition will give us a strong foundation to continue building our business based on our solid reputation for first class administration and customer service,” says Mr Foley-Brickley.
Phoenix Fund Services provides fund set-up, fiduciary oversight and fund administration services to traditional fund managers as an Authorised Corporate Director (ACD) and fund administrator. It also acts as an Alternative Investment Fund Manager (AIFM) and fund administrator to Investment Trusts, NURS and alternative fund structures (Maitland has existing AIFM capabilities in Luxembourg). The combined entity will offer fund oversight and administration to investment trusts, UCITS, NURS, QIS, Hedge, Private Equity, Real Estate and VCT structures across Europe.
