Commenting on the deal, Robert Coyle, Capita Financial Services executive director said:

“GFA offers specialist fund administration services to 20 fund managers and 45 hedge funds with more than GBP1 billion (US$2 billion) of assets under administration.

"This acquisition, which includes the transfer of 13 GFA staff, gives Capita access to a rapidly growing marketplace and adds the offshore jurisdiction of Gibraltar to our existing fund administration services in the UK, Jersey, Guernsey and Dublin.

"The deal complements both Capita Financial Group and Capita Fiduciary Group’s existing business and will also offer a platform for Capita Registrars to support companies on the proposed Gibraltar Stock Exchange.”

The team of directors at GFA stated:

“We welcome this deal and see it as a combining of two very complementary businesses with little overlap in services. Being an integral part of a FTSE100 company with existing provenance in the fund administration market also fundamentally enhances our capacity to support our hedge fund clients with bespoke solutions and will provide staff with exciting opportunities to grow their skills and careers over the long term.”

The Capita Group Plc is the UK’s leading provider of integrated professional support service solutions. The Group’s service capabilities encompass business process outsourcing, (BPO), customer services, administration and support, human resources, ICT, property consultancy, finance & treasury and consultancy delivered to both public sector and private organisations. The business administers in excess of GBP30 billion of assets on behalf of over 100 investment management groups. It is the dominant provider of UK ‘hosted’ manager services to collective investment schemes, and is the second largest administrator of closed ended funds.