Estera acquires Heritage

Estera, a global fund administrator, has acquired competitor firm Heritage Financial Services.

Heritage will be rebranded under the Estera name with all Heritage employees joining the Estera team.

The addition of Heritage’s Dublin, London and Malta offices brings Estera’s office count to 13.

The acquisition is Estera’s second in a month after it snapped up Morgan Sharpe, a Guernsey-based fund administrator.

The fund administration market has seen increased consolidation this year. In April, JTC acquired New Amsterdam Cititrust as part of an expansion into the Netherlands, while Northern Trust bought UBS’s fund services unit in February.