Global advisory, fund administration and fiduciary services firm Maitland have received approval from the Financial Conduct Authority for its 100% acquisition of Phoenix Fund Services, a UK based company offering bespoke outsourced fund administration services to investment managers in the UK and offshore. The transaction is now complete with effect from 1 June 2015.
The combined entity has gotten off to a strong start, with significant new mandates increasing its assets under administration to £9.2 billion (USD $14.2 billion). This boosts Maitland’s overall assets under administration to over £140 billion (USD $210 billion), and heralds its entry into the fund administration sector in the UK where it has an established private client and corporate services business.
Maitland CEO Steve Georgala says the FCA approval means that Maitland is now in a position to offer fund oversight and administration to investment trusts, UCITS, NURS, QIS, Hedge, Private Equity, Real Estate and VCT structures across Europe.
Phoenix Fund Services will retain its Essex-based offices and staff. The existing Phoenix Fund Services senior management team will remain as directors and will continue to fulfil key management roles within the combined organisation which will adopt the Maitland brand name.
Phoenix Fund Services provides fund set-up, fiduciary oversight and fund administration services to traditional fund managers in its capacity 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, which has existing AIFM capabilities in Luxembourg, will leverage Phoenix Fund Services’ UK presence to grow its share of the traditional long-only and alternative fund administration outsource market in the UK and Europe.