JPMorgan is to acquire Tranaut Fund Administration, a privately-owned hedge fund administration services company, for an undisclosed sum.
Formed in 1999, Tranaut has offices in Ireland and Bermuda. The firm provides services for hedge funds including net asset value calculations, maintainance of financial books and records, director services, share registration and shaeholder communications.
JPMorgan says the acquisition is "a strategic addition" to the services it currently offers hedge funds and institutional investors.
Conrad Kozak, head of strategic business development, treasury and securities services, JPMorgan, adds: "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."