Hedge fund administrator Columbus Avenue Consulting LLC has been acquired by Orangefield Group, a global provider of administration, management and trust services.
The combined business will be called Orangefield-Columbus and have $25 billion in assets under administration (AuA), the firm says.
Joep Bruins, CEO of Orangefield, says the acquisition is part of a strategic move to cover the North American hedge fund space.
We enter North America by providing hedge fund services for which we are already leading the industry, Bruins says. Partnering with Columbus Avenue sets us up for success in North America. It also creates a strong base for offering Orangefield corporate services to US clients looking to establish and manage legal entities worldwide.”
Columbus Avenue debuted in the Global Custodian Hedge Fund Administration Survey this year, receiving a number of commended ratings. At the time the firm had $7 billion in AuA looking after 74 managers invested in 127 funds plus 15 funds of funds.
Joe Holman, founder and managing partner of Columbus Avenue, says: “Orangefield has a very broad portfolio in corporate services and fund administration in Europe and Asia, complementing Columbus’s focus on the hedge fund industry in the U.S.”
Holman highlighted the synergies between the two firms. “Like Columbus Avenue, Orangefield is walking in the forefront of applying cutting-edge technologies, he says. I am pleased to say that we completely see eye to eye when it comes to knowing what is in the best interest of our valued hedge fund clients.
(CG)