JPMorgan is to acquire Tranaut Fund Administration Ltd., the privately-owned hedge fund administration services company, before the end of the year.
The acquisition of a hedge fund administration services company is a strategically significant addition to JPMorgan's comprehensive suite of services that are already offered to hedge funds and institutional investors.
Conrad Kozak, Head of Strategic Business Development, Treasury & Security Services at JPMorgan, said: "This acquisition represents a logical extension to the firm's servicing capabilities and demonstrates our commitment to servicing all types of investment products, regardless of structure, on a global basis."
Stuart Drake, Director of Tranaut Fund Administration, Ltd: "We are excited to be working with JPMorgan and we are confident in the firm's commitment to the hedge fund market and its clients."
Tranaut was formed in 1999 by hedge fund administration experts with a combined experience of over 40 years. Tranaut has offices in Ireland, Bermuda and Boston, MA.
JPMorgan Chase is a leading global financial services firm with assets of USD 801 billion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, investment management, private banking and private equity.