Bank of Bermuda buys Tiedemann's fund administration arm

Bank of Bermuda adds $1.1 billion to its assets under administration following the purchase of Tiedemann''s back office.

Specialist global custodian Bank of Bermuda BoB has bought the fund administration arm of Tiedemann Investment Group, a New York-based hedge fund manager.

Tiedemann currently manages 14 offshore funds with $1.1 billion in assets under management. Under the agreement, Tiedemann's eleven back office staff will be transferred to BoB's subsidiary, Management International, in Dublin.

Paul Smith, BoB's head of global fund services in Hong Kong, declined to disclose how much was paid for the acquisition, saying only the transaction is significant for the bank's fund administration business. Firstly, it is further indication of our role as a major service provider to specialist and emergent investment managers, particularly...

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