FundBPO, part of the MainstreamBPO group, has purchased the Asia-Pacific hedge fund administration business of Alter Domus.
FundBPO has purchased Alter Domus’ Asia-Pacific administration business in an effort to expand its operational footprint in the region, according to a statement issued by the company.
FundBPO chief executive Martin Smith said: “[The] announcement signals our establishment of a significant hedge fund administration operation in Asia.
“It extends our expertise and capability in servicing hedge funds, while supporting our strategic objectives in Hong Kong and Singapore.”
Mr Smith added: “We have conducted our trademark ‘lift and shift’ of Alter Domus’ hedge fund operations, whereby the existing fund administration staff and technology have been redeployed into our business, providing service continuity to clients and their investors."
The deal is expected to be finalised on 31 December, with the acquisition set to generate US$1 million for MainstreamBPO each year.
"The initial purchase price of US$1 million was funded with IPO proceeds, with the final purchase price to be determined based on the total number of acquired clients who remain with FundBPO," the statement said.
The acquisition of Alter Domus’ administration business signals the company’s exit from the hedge fund administration market in Asia.
Alter Domus chief executive Laurent Vanderweyen said: “For some time Alter Domus searched for a suitable expert hedge fund administrator to take over and rise to the challenge of meeting the current and future needs of our existing hedge fund clients.”
He added: “All due diligence was completed with no concerns, and the transition of client data and staff to FundBPO has run smoothly."
Private equity real estate investment firm Altis Property Partners is set to be acquired. ...
The leading data and analytics company has released its M&A findings for Q2 2022. ...