New York-listed State Street Corporation is acquiring Mourant International Finance Administration (MIFA) to expand its global fund administration and alternative servicing capabilities.
New York-listed State Street Corporation is acquiring Mourant International Finance Administration (MIFA) to expand its global fund administration and alternative servicing capabilities.
State Street said the deal enables it to expand its reach in Europe and Asia and 'broaden its capabilities for servicing investors' growing real estate administration requirements'.
The financial details of the cash transaction were not disclosed. The acquisition is expected to close in the first quarter of 2010.
MIFA is a provider of fund administration services, particularly for alternative investments, such as private equity, real estate and hedge funds. The company is headquartered in Jersey in the Channel Islands and has about $170 bn in assets under administration.
State Street said the combined State Street and MIFA businesses will rank number one in alternative asset servicing globally, in private equity servicing globally and in real estate asset servicing globally. It will also be number one in hedge fund servicing globally, the firm said.
'As alternative asset classes have become more mainstream, our institutional customers plan to continue to expand their use of this asset class,' said Jay Hooley, president and chief operating officer of State Street.
'This acquisition will bring a wider and more comprehensive product offering to our existing and new customers and further develop our servicing footprint in Europe and Asia where expanded capabilities, including enhanced real estate servicing, better enables us to offer customers a full breadth of solutions for all of their business needs.'
