TMF Group, an Amsterdam-based professional services firm, has acquired the remaining stake of Custom House Global Fund Services. No financial terms were disclosed. As a result of the transaction, which is expected to close by June 2014, TMF is now sole owner of Custom House, a provider of alternative investment financial services.
SLIEMA, MALTA, and DUBLIN, IRELAND–(Marketwired – Feb 17, 2014) – Custom House Global Fund Services (the “Company”), a leading provider of financial services to the alternative investment sector, today announces that TMF Group has acquired an outstanding 49% of the Company to become the sole owner. This transaction is subject to regulatory clearance but completion is expected by June 2014.
TMF Group Fund Administration Services has built a solid reputation through its offices in Rotterdam, Sydney, Geneva, Sofia and Malta. This acquisition allows TMF Group to further expand its business into the growing alternative investment sector (including Private Equity and Real Estate Investment Services) and offer the industry the choice of a non-conflicted, independent and global partner for fund administration services and solutions across the middle and back office.
TMF Group CEO Hugo Van Vredenburch commented: “This is a unique and strategic proposition in today’s hedge fund administration landscape. As a global, independent and wholly-owned financial services firm we will continue to harness the innovative spirit of Custom House that was created by Dermot Butler in 1989. We are excited to take the entrepreneurial, dynamic, and client-focused attitude of Custom House and combine that with the backing of TMF Group. Our extensive corporate and financial institutional network in combination with Custom House’s leading-edge fund administration services will enable both companies to expand significantly in new and existing market segments.”
Custom House Global Fund Service CEO Mark Hedderman added: “This deal recognizes the work of Custom House and allows us to continue to operate and deliver the same level and standard of services as always, but with the backing of a global institutional owner. TMF Group clients will benefit from the addition of alternative fund services to its suite of capabilities, whilst we will be able to act seamlessly across borders for our clients to support new fund launches and global initiatives. With TMF Group’s institutional infrastructure and reach, we can create a true global leader in alternative financial investment services, particularly in the US. Custom House will operate as a member of the TMF Group of companies, retaining the Custom House name.”
Dermot Butler, the founder of the company, will become President of TMF Custom House Global Fund Services, stepping down from his role as Chairman. Mark Hedderman will remain as CEO along with the key team of executives that have been dedicated to building out Custom House over the past 10 years.
TMF Custom House Global Fund Services President Dermot Butler said: “As the alternative fund administration sector continues to evolve, the team at Custom House has worked deliberately over the past 25 years to expand both its administration offerings and middle office solutions, culminating in the launch of the Gateway platform in the US last year. Our choice of partnership with TMF Group also reflects our anticipation of market demand and the benefits to fund managers of the choice of an independent, global fund administration solutions provider with no conflicts of interest. I am very proud of how Mark and his team have developed the administration offering up to today and am excited to see how the company will continue to evolve as part of the TMF Group.”
TMF Group’s newly combined Fund Administration Services, including TMF Custom House, will now operate from 14 global locations with nearly $40 billion of assets under administration.
About Custom House Global Fund Services
Established in Ireland in 1989, Custom House Global Fund Services, part of the TMF Group, offers a wide variety of financial services to its clients. Over the past 20 years, Custom House has evolved into a global leader in the financial services business with presence in Amsterdam, Chicago, Dublin, Guernsey, Luxembourg, Malta, New York, Singapore and San Francisco.
Custom House specializes in fund services for alternative investment funds, which include many varied investment strategies. Custom House provides administration services to more than 200 managers, trading through over 500 investment funds, for over 150 of which Custom House provides daily dealing NAVs. For more information on Custom House, visit www.customhousegroup.com
About TMF Group
An established leader in its field, TMF Group helps companies expand and invest seamlessly across international borders. With more than 100 offices in 75 jurisdictions, TMF Group’s experts enable clients to operate their corporate structures, finance vehicles and investment funds in across a range of different geographical locations. For more information, visit www.tmf-group.com