Maitland acquires Admiral Administration
Maitland, a provider of fund administration, multi-jurisdictional legal, tax, fiduciary and investment advisory services, has acquired Admiral Administration.
Admiral is a hedge fund administrator with offices in the Cayman Islands; Dublin, Ireland; Halifax, Nova Scotia; and Richmond, Virginia.
It combines best of breed technology including Advent Geneva, Advent Partner and Paladyne with qualified staff to provide clients with a customised solution to meet the specific needs of the alternative investments industry including hedge funds, private equity funds, Ucits and other regulated funds.
The acquisition of Admiral supports Maitland’s strategy of targeted growth, expanded global reach and leadership in the fund administration industry. The combined group will have total assets of USD145bn under administration, 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 US.
Steve Georgala (pictured), chief executive of Maitland, says: “Admiral is a premier specialist provider of hedge fund administration services and represents a strong franchise with industry leading technology. The deal offers strategically attractive and financially compelling synergies. Admiral’s hedge fund services expertise and award winning technology will enhance Maitland’s fund services capabilities. We are well positioned to expand our traditional administration services into the jurisdictions where Admiral has a presence.”
Canover Watson, managing director of Admiral, who will remain the global head of hedge fund administration for the group, says: “The merger of platforms will result in a powerful combination of Maitland’s global institutional presence and resources, and Admiral’s world-class industry leading technology and extensive hedge fund expertise. We aim to be a global leader with the institutional infrastructure, size and resources to assist our clients, whatever their size, location or investment strategy, to meet the increasingly complex requirements of their investors and regulators.”
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