Chicago-based Spectrum Global Fund Administration is to acquire Breakwater Compliance Partners LLC.
Spectrum believes the acquisition will significantly enhance its position as a leading global provider of middle office and administration services for hedge funds and funds of funds.
"As independent compliance and operational reviews become increasingly important, this acquisition became a logical next step for both companies as it creates substantial benefits to all parties involved,' says Spectrum CEO Michael Griffin. 'Spectrum will continue to expand its service offering and capabilities where appropriate to support clients needs. Our focus will remain on providing great service and innovative solutions.'
Spectrum vice chairman, David Young, adds: "The combined companies are uniquely positioned to best support hedge funds and funds of funds as the alternative investment industry continues to evolve. Breakwater has a strong record in terms of expertise and client satisfaction in their field.'
Commenting on the acquisition, Chris Lombardy, Breakwater Principal, says: "Our focus will continue to be on providing cost efficient and custom compliance solutions which include an in depth review of registration considerations, ADV filing and renewal, CCO support services, preparation of compliance manuals, operational reviews as well as marketing and advertising oversight.'
"The combination of the two companies supports our overall strategy to improve the efficiency and scalability of our clients business while reducing the complexity and cost,' adds Ron Suber, Spectrum President.