UK - JPMorgan will acquire a privately owned hedge fund administration firm in a bid to grow its business in the alternative asset market.
It has agreed to buy the business – Tranaut Fund Administration – during the third quarter of the year, subject to regulatory approval.
The move is a strategic addition to the services JPMorgan already offers to hedge funds and institutional investors.
Head of strategic business development, treasury and securities services, Conrad Kozak said: “This acquisition represents a logical extension to the firm’s servicing capabilities and demonstrates our commitment to servicing a wide range of investment products on a global basis.
“We are pleased to welcome an organisation that is recognised as best-in-class in their industry into our firm, and we are excited about the opportunity this acquisition provides.”
TFA director Stuart Drake commented: “We are delighted to be working with JPMorgan and confident in the firm’s commitment to the hedge fund market and its clients.”
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