Maitland has received approval from the Financial Conduct Authority for its 100 percent acquisition of Phoenix Fund Services, effective 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.
This boosts Maitland’s overall assets under administration to over £140 billion, and heralds its entry into the fund administration sector in the UK where it has an established private client and corporate services business.
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 and fund administrator.
It also acts as an Alternative Investment Fund Manager (AIFM) and fund administrator to Investment Trusts, Non- UCITS Retail Scheme and alternative fund structures.
Maitland, which has existing AIFM capabilities in Luxembourg, has stated that it intends to use Phoenix Fund Services’s UK presence to grow its share of the traditional long-only and alternative fund administration outsource market in the UK and Europe.
