NEW YORK (HedgeWorld.com)–The Bank of New York announced that it completed the acquisition of International Fund Administration Ltd. and also added NuVerse Advisors LLC as an administration client.
Last October, Bank of New York signed an agreement to purchase IFA, a Bermuda-based alternative investment fund administrator. IFA has been in business since 1993. The acquisition will help boost Bank of New York’s hedge fund services, which includes prime brokerage.
The bank officials expect to complement its current administrative, accounting and tax services offerings with IFA’s technology and staff. According to a previous announcement, IFA clients will benefit from Bank of New York’s securities clearance, global liquidity, trade execution and corporate trust services.
“Our clients now have a single source for their complex and changing financial needs and as their needs evolve, the bank will be able to meet them through a diverse product offerings ranging from fund administration to execution and clearing services among others,” John Buscema, chief executive officer of the IFA said in a statement.
NuVerse Advisors LLC has just signed on as a hedge fund administration client at Bank of New York. The bank will act as fund administrator for its new hedge fund, the S3 Global Macro Fund Ltd. The firm is an investment manager for high-net-worth individuals and institutions.
Bank of New York was chosen because of its long-term commitment to the overall fund servicing business, according to a statement from Don Schlein, a managing partner at NuVerse Advisors LLC.