Maples Fund Services unveils HK and S'pore acquisitions

MAPLES Fund Services (Maples FS), an independent provider of specialised fiduciary and fund services, said on Monday that it is acquiring the Hong Kong and Singapore operations of Vistra Fund Services (Vistra FS) to enhance its position as a market leader in fund administration.

"The strategy of organic growth combined with future strategic acquisitions is expected to continue to further evolve Maples Fund Services, which currently has US$47.5 billion in assets under administration, as a leader in the fund services space," Maples FS said of its first acquisition.

It said Vistra FS' Asian fund services business is complementary to Maples FS Asia business.

The focus of Maples FS is alternative fund managers in Hong Kong, Singapore, Japan and the Greater China region wishing to set up hedge or private equity funds to be serviced by an independent provider offering a tailored, personalised service.

Since establishing its Hong Kong office in 2012 and its Singapore office in 2013, Vistra FS experienced significant growth despite facing heavy competition in a mature market. It built up a strong business in Asia with sizeable assets under administration and mandates.

"This acquisition further increases our growing market share in the region, and we continue to view Asia as a strong growth opportunity for our business both in the near-term and long-term," Scott Somerville, chief executive officer of Maples FS, said.

"We identified Vistra FS as a strong addition to Maples Fund Services due to the many synergies between the two businesses, including similar focus on providing custom solutions, approach to client services and technology innovation, and independence with no conflicts."

Maples FS said that it will look to retain all of the Hong Kong and Singapore-based Vistra FS employees, with the aim of fully integrating them into the existing Maples FS' Hong Kong and Singapore-based teams. It added that the senior management team from Vistra FS will maintain leadership roles.

According to Bloomberg Businessweek's website, Maples FS, led by chief executive officer John Charlick, caters to ship financing, repackaging, aircraft financing, utilities, and automobile receivables industries. It was formerly known as QSPV Limited. It was founded in 1997 and is headquartered in George Town, Cayman Islands.