The 2013 Alpha Awards: Top Administrators

February 12, 2013   Jan Alexander

For hedge fund administrators, 2012 was a year of big M&A deals and new demands.

It has been a common practice over the past decade for hedge fund administrators to grow by taking over competitors, but the deal that sent Goldman Sachs Administration Services under the umbrella of State Street Corp. in ­October was no ordinary acquisition. For one thing, the world's largest investment bank sold its highly respected administration business to a smaller bank that had cut back its own administration division. But more important were ­Goldman's reasons for selling: The bank was not prepared to build up the staff it would need to guide clients through the new regulatory demands accompanying the Dodd-Frank Wall Street Reform and Consumer Protection Act. Goldman began talking to potential buyers in early 2012, and in July, State Street announced it would take over the 19-year-old administration business for $550 million. ...

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