Mitsubishi UFJ Fund Services, a global asset administrator, has acquired Meridian Fund Services Group, a fund administrator with $14 billion of assets under administration. Both firms have a presence in the Cayman Islands.
Mitsubishi UFJ Fund Services, part of Mitsubishi UFJ Financial Group (MUFG), provides a wide range of fund administration and investor services to hedge funds, fund of funds, private equity and real estate funds, mutual funds and family offices.
The acquisition of Meridian raises MUFG’s fund services assets under administration to approximately $165 billion, servicing over 300 clients and 1000 funds.
The deal is part of a wider growth strategy to build Mitsubishi UFJ Fund Services into a leader in the global investment services industry, both organically and through acquisitions.
Tim Calveley, deputy CEO, Mitsubishi UFJ Fund Services, said: “The acquisition is a clear indication of our strategy and commitment of growing as a premier fund administrator servicing the global investment industry.
“As regulatory and investor pressures continue to rise, investment managers need a partner who has both a strong balance sheet and can provide a wide range of solutions to meet specific needs. With the backing of the fifth largest bank in the world by assets we are confident in our expanding capacity to deliver the global reach, range of service and security our clients require.”
Tom Davis, chairman of Meridian Holdings, Meridian Group’s holding company, said: “We’re excited to be joining the Mitsubishi UFJ Fund Services team. We know them well and share the same passion for client service.
“We’re confident our clients will experience a smooth transition and will benefit from the strength and resources of MUFG, giving access to a range of additional services such as custody, securities lending and other banking services.”
Mitsubishi UFJ Fund Services, Meridian Fund Services Group, Acquisition, MUFG