Mitsubishi UFJ Fund Services has acquired a fund administration firm based in Bermuda.

Mitsubishi UFJ Fund Services, the global asset administrator and part of the Tokyo-headquartered group, has announced the acquisition of Bermuda's Meridian Fund Services Group, a fund administrator with $14 billion in assets under administration.   

Part of Mitsubishi UFJ Financial Group, Mitsubishi UFJ Fund Services offers a range of fund administration and investor services to hedge funds, funds of funds, private equity and real estate funds, and mutual funds and family offices.

The acquisition of Meridian raises MUFG’s fund services AuA to approximately $165 billion, servicing over 300 clients and 1,000 funds.

"The deal is part of a wider growth strategy to build Mitsubishi UFJ Fund Services into a leader in the global investment services industry, both organically and through acquisitions," the firm said.

The transaction is subject to regulatory approvals.