NEW YORK (HedgeWorld.com)–Bank of New York signed a definitive agreement with International Fund Administration Ltd. to acquire the administrative firm’s assets.
Subject to regulatory approval, the terms of the agreement were not disclosed. The acquisition would help boost Bank of New York’s hedge fund services. The bank expects to complement its current administrative, accounting and tax services offerings with IFA’s technology and staff. According to the bank’s announcement, IFA clients will benefit from Bank of New York’s securities clearance, global liquidity, trade execution and corporate trust services.
Bank of New York is building, a piece at a time, its capabilities as a hedge fund service provider. Last June, the bank made public its plans to add an administrative business for U.S. hedge funds. Last month, Bank of New York established a brokerage unit that includes prime brokerage services to hedge funds. BNY Securities Group brings together the bank’s institutional agency and correspondent clearing businesses.