Taurus Administration Services has acquired Pacific Fund Systems’ PFS-PAXUS fund accounting and share registry platform as part of its expansion in to the European fund administration market.
The alternatives market is expected to grow in Europe as a result of the Alternative Investment Fund Managers Directive (AIFMD). Taurus will target start-up funds and those of less than $100 million, which are often overlooked by larger fund administrators.
Taurus is a subsidiary of the Managing Partners Group (MPG), and currently acts as administrator for a portfolio of hedge funds, mutual funds, UCITS funds and other funds with segregated portfolios.
Nicholas Calleja, chief financial officer of MPG, said: “Thanks to the AIFMD the alternatives market in Europe is now potentially huge – the fund industry is gearing up to deal with demand for alternatives pursuant to the directive. However, most of the fund administrators in the market are so large they have no interest in start-ups or funds with less than $100 million.”
“A lot of boutique managers that struggle to find administrators still want to grow in size and Taurus is extremely well placed to provide the services they need.”
He added: “The selection of PFS-PAXUS has been mainly due to the integrated nature of the system where the share registry is fully integrated with the system’s general ledger. We are focused on growing our business and in deploying PFS-PAXUS we are confident that this strategic decision will assist us in doing so.”
Taurus has already been appointed as administrator for three alternative investment funds. It has seen its assets under administration grow from $80 million to $192 million over two years and across 11 funds.
