Maples Fund Services Acquires Vistra Fund Services' Hong Kong and Singapore Offices
Maples Fund Services, a leading independent global fund services provider, is acquiring the Hong Kong and Singapore operations of Vistra Fund Services (“Vistra FS”). The acquisition further expands the presence of Maples Fund Services in Asia and enhances its position as a market leader in fund administration.
Since its establishment in 2005, the growth of Maples Fund Services has been organic. This is the firm’s first acquisition, which demonstrates its long-term commitment to fund administration. The strategy of organic growth combined with future strategic acquisitions is expected to continue to further evolve Maples Fund Services, which currently has US$ 47.5 billion in assets under administration, as a leader in the fund services space.
The Maples Fund Services team in Asia presents a unique and compelling proposition to investment managers and investors who want experience and independence along with superior solutions, technology and client servicing from their administrator. Vistra FS’ Asian fund services business is complimentary to Maples Fund Services existing Asia business. The focus of Maples Fund Services is alternative fund managers in Hong Kong, Singapore, Japan and the Greater China region wishing to set up hedge or private equity funds to be serviced by an independent provider offering a tailored, personalised service. Since establishing its Hong Kong office in 2012 and its Singapore office in 2013, Vistra FS experienced significant growth despite facing heavy competition in a mature market. It built up a strong business in Asia with sizeable assets under administration and mandates.
“This acquisition further increases our growing market share in the region, and we continue to view Asia as a strong growth opportunity for our business both in the near-term and long-term,” Scott Somerville, Chief Executive Officer of MaplesFS, said. “We identified Vistra FS as a strong addition to Maples Fund Services due to the many synergies between the two businesses, including similar focus on providing custom solutions, approach to client services and technology innovation, and independence with no conflicts.”
Maples Fund Services will look to retain all of the Hong Kong and Singapore-based Vistra FS employees with the aim of fully integrating them into the existing Maples Fund Services Hong Kong and Singapore-based teams. The Vistra FS team, which includes both client servicing and business development disciplines, has significant experience across Asia, deep local market expertise and language skills aligned to the region. Subsequent to the acquisition, the senior management team from Vistra FS will maintain leadership roles, which when paired with the existing senior management team at Maples Fund Services, position the firm uniquely in the market.
Ivo Hemelraad, Global Head of Vistra Fund Services commented, “We believe Vistra FS will be an excellent fit with Maples Fund Services, who will be able to further accelerate its already impressive client intake across Asia. We are pleased that the client servicing and future of the staff is assured under Maples Fund Services.”
Maples Fund Services’ Asia business has experienced rapid organic growth that is largely attributable to increasing brand recognition among new manager launches and the delivery of enhanced reporting capabilities through its innovative portfolio and risk aggregation dashboards. The Hong Kong office, which has been a leader in the region since 2006, and the Singapore office, which opened in September 2013, provide a significant footprint and brand in the region from which Maples Fund Services can meet the unique needs of its Asian client base.
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