Australia-listed fund administrator MainstreamBPO is buying privately held New York hedge fund servicing business Fundadministration Inc.

No financial terms have been released by either side but the acquisition is part of MainstreamBPO’s growth strategy of expanding into key US and Caribbean fund services markets.

Fundadminisitration works with emerging and established hedge fund managers and administers 140 funds for 45 clients with funds under administration of USD $5bn.

All of the US firm's existing staff will join MainstreamBPO Denise DePaola leading MainstreamBPO’s US operations.

MainstreamBPO already has hedge fund operations in Hong Kong, Singapore and Sydney.

 “We are pleased that Denise and her team will join us to grow and increase our hedge fund services. There are strong synergies and like-minded values between our businesses with each focused on delivering high client service levels to our clients,” said MainstreamBPO chairman and managing director Byram Johnston.

Denise DePaola added: “I see this partnership as an opportunity for us to provide greater stability, growth and value added services to our clients and our team. It is a real honor to join the MainstreamBPO family, together we will be able to accomplish amazing things.”