Maclay Murray & Spens Advises Phoenix Fund Services During Maitland’s Acquisition
Michael Sweeney –
Legal Advisors to Phoenix
Global advisory, fund administration and fiduciary services firm Maitland has acquired 100% of Phoenix Fund Services, a UK based company offering bespoke outsourced fund administration services to investment managers in the UK and offshore.
The deal boosts Maitland’s assets under administration by £6.2 billion (USD $9.3 billion) 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.
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.
Maitland CEO Steve Georgala says: “Acting as a UK ACD, AIFM and fund administrator will be core to Maitland’s offering through this exciting acquisition. Maitland brings its industrial-strength systems to the deal as an integrator of best-of-breed technology. Phoenix brings its highly skilled administration professionals in a market where talent and knowledge are major differentiators.”
“In an increasingly complex and regulated industry, fund managers are seeking to outsource the entire administration value chain in order to concentrate on their core business. The era of the one-dimensional fund administrator is over. The leaders will be those who can partner with clients in an advisory capacity as well as provide the right, world-class platform and guidance for product construction and innovation,” says Mr Georgala.
Patric Foley-Brickley, MD of Phoenix Fund Services, says: “This deal is extremely positive for our clients and our staff. The ability to leverage Maitland’s balance sheet and institutional processes and systems (including InvestOne, Advent Geneva and Investran) will enable us to offer our high quality fund administration services to a wider variety of clients and fund structures.
“The acquisition will give us a strong foundation to continue building our business based on our solid reputation for first class administration and customer service,” says Mr Foley-Brickley.
The acquisition, which is subject to approval from the Financial Conduct Authority, takes effect from the date of receipt of such approval. Phoenix Fund Services will retain its 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.
The combined entity will offer fund oversight and administration to investment trusts, UCITS, NURS, QIS, Hedge, Private Equity, Real Estate and VCT structures across Europe.