State Street, a provider of financial services to institutional investors, has entered into an agreement to acquire Mourant International Finance Administration (MIFA) in an all cash transaction. It enables expansion of State Street’s global fund administration and alternative servicing capabilities.
The acquisition is likely to strengthen State Street’s global alternative asset servicing. State Street will also expand its reach in Europe and Asia, and broaden its capabilities for servicing investors’ growing real estate administration requirements.
Jay Hooley, president and chief operating officer of State Street, said: “As alternative asset classes have become more mainstream, our institutional customers plan to continue to expand their use of this asset class.
“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 expanded capabilities, including enhanced real estate servicing, better enables us to offer customers a full breadth of solutions for all of their business needs.”
Nicola Palios, CEO of MIFA, said: “Today’s announcement will allow MIFA to advance its position in the alternative administration segment of the global fund administration business, broaden its service capabilities and expand to even more markets than before through State Street’s global footprint.”
Jack Klinck, executive vice president and global head of alternative investment solutions team at State Street, said: “MIFA’s team of professionals will augment our existing alternative and private equity operations. As a result, State Street is well-positioned to continue to grow its position in the increasingly important alternative asset segment.”
However, the transactions is pending for regulatory approvals, other closing conditions and is expected to close in the first quarter of 2010.
