State Street to Acquire Alternative Fund Service Provider Mourant
December 1, 2009
State Street has signed an agreement to acquire Mourant International Finance Administration for an undisclosed amount of cash. Based in Jersey in the Channel Islands, Mourant specializes in fund administration for alternative investments. The deal marks a continued expansion into alternative servicing for State Street. Mourant has $170 billion in assets under administration and 650 employees in locations including Dublin, Singapore and New York.
The deal, expected to close in the second quarter, will make the combined company No. 1 globally in alternative asset, private equity and real estate asset servicing, and No. 2 in hedge fund servicing.
“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 expanding capabilities, including enhanced real estate servicing, better enables us to offer customers a full breadth of solutions for all of their business needs.”
As for how the deal impacts Mourant, it broadens its customer reach, said the company’s Chief Executive Officer Nicola Palios.
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