Maitland Buys Fellow Administrator Admiral

Nov 12 2012 | 12:43pm ET

Consolidation in the hedge fund administration space continues apace with Maitland Group's acquisition of Admiral Administration.

Maitland announced last week that it had acquired Admiral. Terms of the deal were not disclosed.

The combined firm will have $145 billion in assets under administration, 700 employees and 15 offices in 13 countries, Maitland said. Admiral brings with it presences in the Cayman Islands; Dublin, Ireland; Halifax, Nova Scotia; and Richmond, Va.

"Admiral is a premier specialist provider of hedge fund administration services and represents a strong franchise with industry leading technology," Maitland CEO Steve Georgala said. "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."

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