Alter Domus, a provider of integrated solutions for the alternative investment industry, has acquired IPS Fund Services, a Boston-based fund administrator serving private equity and venture capital funds.
The strategic acquisition marks an achievement in Alter Domus’ North America growth strategy and aims to further enhance its East Coast footprint.
IPS Fund Services, with $9 billion in assets under administration, will join Alter Domus’ global team to collaborate across regions and support clients.
According to Alter Domus, private markets asset managers in North America continue to demand outsourced fund administration solutions with services across the full fund management value chain and multijurisdictional expertise.
Rob Herlihy, partner and founder at IPS Fund Services, commented: “This is a tremendous opportunity for IPS and our employees, and we are excited to provide our clients with a global, vertically integrated suite of fund administration services, technology and expertise.”
Paul Woods, regional executive North America at Alter Domus, said: “We are delighted to welcome the IPS team to Alter Domus and solidify our presence in Boston. Upholding our commitment to going wherever clients need us to be, this is a major step in our long-term strategy of growing our presence in North America.”
“IPS shares the same focus on quality and client service which have both been at the core of Alter Domus’ own success over the years,” added Woods.
Doug Hart, CEO at Alter Domus, concluded: “With the acquisition of IPS Fund Services, we further solidify our North American presence, increasing our scale and capabilities significantly with an enhanced offering for clients locally and globally.”
Earlier this month, Alter Domus hired Tim Houghton as chief operating officer and a member of the group executive board in support of global expansion.
This year Alter Domus also opened a new office in the Cayman Islands, expanding its existing presence in North America.
