Maples Fund Services is expanding its fund administration presence in Asia with the acquisition of the Hong Kong and Singapore operations of Vistra Fund Services.
It is the firm’s first acquisition since its establishment in 2005. Maples Fund Services said it expects this strategy of organic growth combined with future strategic acquisition to continue.
Vistra FS’s Asian fund services business complements Maples’s existing Asia business, the fund administrator said. Maples Fund Services, which has US$47.5 billion in assets under administration, focuses on alternative fund managers in Hong Kong, Singapore, Japan and the Greater China region aiming to set up hedge or private equity funds.
Since establishing its Hong Kong office in 2012 and its Singapore office in 2013, Vistra FS has built a strong business in Asia with sizeable assets under administration and mandates, despite facing heavy competition in a mature market, according to Maples.
“This acquisition further increases our growing market share in the region, and we continue to view Asia as a strong growth opportunity for our business both in the near-term and long-term,” said Scott Somerville, chief executive officer of Maples Fund Services. “We identified Vistra FS as a strong addition to Maples Fund Services due to the many synergies between the two businesses, including similar focus on providing custom solutions, approach to client services and technology innovation, and independence with no conflicts.”
Maples Fund Services will seek to retain all of the Hong Kong and Singapore-based Vistra FS employees with the aim of fully integrating them into the existing Maples Fund Services Hong Kong and Singapore-based teams.
Subsequent to the acquisition, the senior management team from Vistra FS will maintain leadership roles in the senior management team at Maples Fund Services.
Ivo Hemelraad, global head of Vistra Fund Services, said he believes “Vistra FS will be an excellent fit with Maples Fund Services, who will be able to further accelerate its already impressive client intake across Asia.”
Maples Fund Services’ Asia business has experienced rapid growth which, the firm says, is largely attributable to increasing brand recognition among new manager launches and the delivery of enhanced reporting capabilities through its portfolio and risk aggregation dashboards. The Hong Kong and Singapore offices, which opened in 2006 and September 2013 respectively, provide a significant footprint and brand in the region from which Maples Fund Services can meet the unique needs of its Asian client base, company officials said.
Maples Fund Services is an independent global fund services provider with offices in the Cayman Islands, Dubai, Dublin, Hong Kong, Singapore, Luxembourg, Montreal and New York. The firm provides a full range of services to onshore and offshore funds.
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