A fund administration firm has expanded into Scotland for the first time with the acquisition of a rival operation that administers £2 billion of investments.
Maitland has acquired R&H Fund Services Limited from its Jersey-based parent, R&H Fund Services (Jersey) Limited. The Edinburgh-based business focuses mainly on the investment trust sector and currently services eight funds.
The deal marks an expansion move for Luxembourg-headquartered Maitland following the acquisition of UK-based Phoenix Fund Services and the opening of offices in Miami and New York. Maitland said there will be no disruption to the R&H office following the move.
Steve Georgala, chief executive of Maitland, said: “Given its importance as a regional financial centre, Edinburgh presented itself as a logical next step in our ambitious global growth programme.
“The excellent track record of R&H Fund Services’ Scottish business makes it a perfect fit for us.”