ACD giant acquires Phoenix Fund Services

Fund administration firm Maitland has boosted its assets under administration from £6.2bn to £140bn by acquiring UK business Phoenix Fund Services.

The acquisition marks Maitland's entry into the UK market, having already established advisory, fund administration and fiduciary services across Europe. Maitland has acquired 100% of Phoenix Fund Services, subject to approval from the Financial Conduct Authority. The business will be rebranded under the Maitland name but will retain its staff, including the senior management team, and its offices. Phoenix, based in Chelmsford, Essex, was established in 1998 to offer bespoke investment administration to the investment management industry. It also provides fund set-up, fiduciary ove...