Does this means the funds industry is on the turn in Cayman? With State Street recently acquiring Goldman Sachs’ Fund Administration business in Cayman and increasing operations, and now Admiral finally finding a suitor – a suitor which by its own admission is recognised as one of the fastest-growing fund administrators in the world – could we see a plethora of new fund jobs being created in Cayman? It’s looking positive.

The below is the article from the Maitland website:

Maitland, a global provider of fund administration, multi-jurisdictional legal, tax, fiduciary and investment advisory services, has acquired Admiral Administration.

Admiral is an award-winning global hedge fund administrator with offices in the Cayman Islands; Dublin, Ireland; Halifax, Nova Scotia; and Richmond, Virginia. It combines best of breed technology including Advent Geneva, Advent Partner and Paladyne with highly skilled and qualified staff to provide clients with a comprehensive customised solution to meet the specific needs of the alternative investments industry including hedge funds, private equity funds, UCITs and other regulated funds. At the recent HFM awards in New York, Admiral was a finalist for Best Technology for an Administrator among other industry leaders such as SS&C GlobeOp, Citi, State Street, and Citco. Admiral was also voted Best Offshore Administrator by Hedgeweek in 2011.

With over 35 years international administration experience, Maitland is today recognised as one of the fastest-growing fund administrators in the world. The acquisition of Admiral supports Maitland’s strategy of targeted growth, expanded global reach and leadership in the fund administration industry. The combined group will have total assets of US$145 billion under administration, 700 employees and 15 offices across 13 countries including: BVI, Cayman, Canada, Ireland, Switzerland, Isle of Man, London, Luxembourg, Malta, Mauritius, Monaco, South Africa and the United States.

Maitland CEO, Steve Georgala, said: “Admiral is a premier specialist provider of hedge fund administration services and represents a strong franchise with industry leading technology. The deal offers strategically attractive and financially compelling synergies. Admiral’s hedge fund services expertise and award winning technology will enhance Maitland’s fund services capabilities. We are well positioned to expand our traditional administration services into the jurisdictions where Admiral has a presence.”

Canover Watson, Managing Director of Admiral, who will remain the global head of hedge fund administration for the group, said: “The merger of platforms will result in a powerful combination of Maitland’s global institutional presence and resources, and Admiral’s world-class industry leading technology and extensive hedge fund expertise. We aim to be a global leader with the institutional infrastructure, size and resources to assist our clients, whatever their size, location or investment strategy, to meet the increasingly complex requirements of their investors and regulators.”

http://www.maitlandgroup.com/maitland-acquires-award-winning-admiral-administration/