The Bank of New York yesterday announced it had completed the acquisition of Bermuda-based hedge fund administrator International Fund Administration Ltd..

"We are delighted to welcome IFA to The Bank of New York and excited about this new partnership," said Thomas J. Perna, senior executive vice president at The Bank of New York.

"Our clients will benefit from IFA's unmatched expertise and resources, which are dedicated to meeting the needs of the hedge fund manager.

"This acquisition demonstrates the bank's continued commitment to offering clients access to state-of-the-art technology, customised service solutions, and expanded products and services.

"By managing the administrative needs of their portfolios, the bank allows clients to focus on their core competency of managing money."

John Buscema, chief executive officer of IFA, said: "We are very pleased to be part of The Bank of New York's Alternative Investment Services group. Our clients now have a single source for their complex and changing financial needs, and as their needs evolve, the bank will be able to meet them through a diverse product offering ranging from fund administration, execution, and clearing services, among others.

"We believe that our clients will greatly benefit from this acquisition."

Incorporated 1993, IFA specialises in servicing alternative investment vehicles, such as hedge funds and separately managed accounts.