FundRock Management Company has completed the acquisition of UK-based Fund Partners, from Professional Partners Administration Limited (PPAL).
The deal, which was first announced in January, concluded this week, following regulatory approval from the Commission de Surveillance du Secteur Financier in Luxembourg and the UK’s Financial Conduct Authority.
According to Fundrock, the purchase is part of the fund management's five-year plan to expand its independent fund management presence in Europe.
Revel Wood, CEO of FundRock will become CEO of Fund Partners, and all existing Fund Partners staff will remain in their positions.
Wood said: “We will now be able to offer our clients a substantial, well-capitalised solution with deep and broad expertise in all the major European fund jurisdictions, packaged into a robust offering with strong connectivity, post-Brexit.”
“We have solutions for UK managers to access the EU, and EU managers to access the UK without committing to significant fixed costs and capital during times of regulatory and political uncertainty.”
Ian Hobday, co-CEO of PPAL, commented: “PPAL has found a great new home for Fund Partners as a part of the FundRock European operation, one in which Fund Partners will be able to continue the growth it has enjoyed over the last four years.”
