Bermuda-based Mitsubishi UFJ Fund Services has purchased Meridian Fund Services Group, a fund administrator with US$14 billion of assets under administration (AuA).
Mitsubishi UFJ Fund Services is a part of Mitsubishi UFJ Financial Group (MUFG) and offers a range of fund administration and investor services to hedge funds, fund of funds, private equity and real estate funds, mutual funds and family offices.
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According to Mitsubishi, the acquisition of Meridian will increase MUFG’s fund services AuA to approximately US$165 billion, servicing over 300 clients and 1000 funds.
Tim Calveley, deputy CEO of 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."
Tom Davis, chairman of Meridian Holdings, added: "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."
However, the transaction is subject to regulatory approvals.
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