By David Fox

One of the world’s largest hedge fund administrators, Bermuda-based Mitsubishi UFJ Fund Services, completed its acquisition of another Bermuda company, Meridian Fund Services Group, this week.

The deal was completed as part of the ongoing growth strategy of Mitsubishi UFJ Fund Services, a part of Mitsubishi UFJ Financial Group (MUFG), Japan’s biggest bank holding and financial services company.

MUFG is one of the main companies of Japan’s Mitsubishi Group.

The Meridian acquisition raises MUFG’s fund services assets under administration to approximately $165bn, servicing over 300 clients and 1000 funds globally.

Tim Calveley, Deputy CEO, Mitsubishi UFJ Fund Services, commented: “Meridian is an important addition to our business as we continue to expand, both organically and through acquisitions.

“We will continue to develop the range of services we offer to the global investment industry and, with the backing of the fifth largest bank in the world by assets, are perfectly placed to offer the complex solutions that clients require in a challenging regulatory landscape.”

Mitsubishi UFJ Fund Services was created when the Japanese bank holding and financial services company, Mitsubishi UFJ Financial Group, purchased Bermuda-based Butterfield Fulcrum last year.

At the time, Butterfield Fulcrum was one of the world’s largest hedge fund administrators with more than $100bn of client assets, across 850 funds.

Mitsubishi UFJ Fund Services provides a wide range of fund administration and investor services to hedge funds, fund of funds, private equity and real estate funds, mutual funds and family offices.

The Butterfield Fulcrum purchase was the first time the Mitsubishi financial group had made a wholly-owned acquisition of a non-Japanese business and was a strategic move into the alternative fund administration business.

At the time, Tasuo Wakabayashi, President of Mitsubishi UFJ Trust & Banking Corporation, said: “We will be expanding our reach and breadth of services rapidly. Clients can look forward to the addition of numerous new services including banking, custody, trust, foreign exchange and securities lending.”