Komfie Manalo, Opalesque Asia:
Hedge fund service provider Conifer Group and fund administration firm Vastardis Capital Services Holdings have signed a definitive merger agreement to combine their respective businesses to create one of the largest independent alternative asset services firms offering expanded capabilities to clients on a global scale, it was announced yesterday.
The new firm will be called Conifer Financial Services, LLC. It will have combined assets under administration of more than $70bn and offer trade execution services to over 200 clients worldwide. Jack McDonald, currently CEO of Conifer Group, will become president and CEO. William Vastardis, founder and president of Vastardis, will be named chairman.
Conifer Financial Services will be headquartered in San Francisco, with plans underway to combine their respective New York and San Francisco locations. Clients will continue to be served by their current client service teams, and there will be no immediate change to the respective "front end" reporting systems.
The merger is expected to close at the end of the first quarter of 2014, following regulatory approvals and customary closing conditions.
To view our full article Click here