Global investment bank JP Morgan has announced its decision to acquire the privately owned hedge fund administration firm Tranaut Fund Administration Ltd which has offices based in Bermuda and Ireland.
According to JP Morgan, the acquisition of Tranaut, expected to take place in the third quarter of 2004, is a “strategic addition” to the bank’s comprehensive suite of services that is already offered to hedge funds and institutional investors.
"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," explained Conrad Kozak, Head of Strategic Business Development, Treasury & Securities Services.
"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," he added.
Tranaut was first formed in 1999 and was launched specifically to provide hedge fund administration services. The firm has been involved in the setting up of around 200 hedge funds.
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