Bermuda-based hedge fund administrator International Fund Administration Ltd. (IFA) is to be bought by the Bank of New York. The Bank of New York, said yesterday it had signed a definitive agreement to acquire the assets of IFA, which has its offices on Church Street. Terms of the purchase, which is subject to regulatory approval, were not disclosed.

"We are pleased to welcome IFA to The Bank of New York," said Thomas J. Perna, senior executive vice president at The Bank of New York. "This acquisition is confirmation of our dedication and vision to provide a comprehensive suite of services to investment managers, irrespective of their structure, investment strategy or domicile.

"IFA's staff, coupled with their complete technological solution for hedge funds, complements the Bank's current offering of administrative, accounting and tax services.

"Furthermore, we believe that IFA clients will benefit from our additional services, which include securities clearance, global liquidity, trade execution, corporate trust among many others."

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

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

"We believe that IFA together with The Bank of New York will deliver the most comprehensive and advanced product offering in the industry."

IFA was founded in Bermuda in 1993 to offer sophisticated hedge fund management services to hedge funds around the world.

The Bank of New York is an established leader in global fund administration with over $600 billion in assets under administration. Through its acquisition of IFA, The Bank of New York said it will offer a more extensive solution for alternative investments, including hedge funds, and will offer services to funds domiciled in the following locations: Bermuda, Cayman Islands, Ireland, Jersey, Luxembourg and the United States.