UFC Fund Management, the parent company of Marlborough Fund Managers, has acquired fund administration company Investment Fund Services Limited.
UFC has bought the IFSL, which acts as authorised corporate director for funds with more than £800m held in assets, from BNP Paribas Securities Services UK.
Subsidiary Marlborough Fund Managers already acts as authorised corporate director and has its own fund range, with around £1.7bn in assets under management.
UFC Fund Management chairman Andrew Staley says: “We have an established track record in the role of authorised corporate director and when this opportunity arose it was a logical move for us.
“It marks another significant milestone in the continuing growth of the Marlborough group of companies, with group-wide assets under management now in excess of £3 billion.”
Under the terms of the deal, BNP Paribas will continue to provide fund accounting and middle office services for IFSL funds.
The completion of the deal is subject to regulatory approval.