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.

“We chose a partner that, in combination with IFA, will deliver unrivaled levels of service, resources and expertise to our hedge fund clients and their investors, thereby furthering our overall business objective,” John Buscema, chief executive officer of IFA, said in a statement.

Earlier this year, IFA entered into a definitive deal with hedge fund software provider Beauchamp Financial Technology Inc. to market Beauchamp’s software in the United States. IFA is able to sell, install and support Beauchamp’s offerings through its technology division. The hedge fund administrator sells front-end portfolio management tools and trade order-entry systems that offer both real time and historical profit and loss analysis through the agreement.

IFA was incorporated in 1993 by professionals from the investment management industry and specializes in servicing alternative investment vehicles, such as hedge funds and separately managed accounts. IFA has servicing locations in New York, Bermuda and California.