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J P Morgan to buy hedge fund admin firm Tranaut

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GLOBAL – J P Morgan says it has agreed to buy privately owned hedge fund administration services firm Tranaut Fund Administration.

The bank said the acquisition is expected to close during the third quarter of the year and is subject to regulatory approval.

“The acquisition of a hedge fund administration services company is a strategic addition to J P Morgan's comprehensive suite of services that is already offered to hedge funds and institutional investors,” it said in a statement. Financial terms of the deal were not disclosed.

"This acquisition represents a logical extension to the firm's servicing capabilities and demonstrates our commitment to servicing a wide range of investment products on a global basis," said Conrad Kozak, head of strategic business development, treasury and securities services at J P Morgan.

"We are pleased to welcome an organization that is recognized as best-in-class in their industry into our firm, and we are excited about the growth opportunity that this acquisition provides."

"We are delighted to be working with J P Morgan and we are confident in the firm's commitment to the hedge fund market and its clients," said Tranaut director Stuart Drake.

Tranaut was formed in 1999 and has offices in Ireland and Bermuda.

Separately, J P Morgan Fleming Asset Management said it has named Lee Ann Thompson as client advisor in the UK Institutional team. It said she joins from Barclays Global Investors in London.

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

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