The acquisition is intended to complement MainstreamBPO’s existing operations, and to improve its capabilities in the two fund domiciles. It will also allow the group to move into European fund product markets, allowing them to provide services for regulated UCITS and non-UCITS products.
Trinity, which is currently privately owned, provides administration, transfer agency, risk and regulatory reporting and other ancillary services to around 140 funds in various jurisdictions.
It provides services and administration to around $7 billion in assets.
Trinity’s 30 staff members will all join MainstreamBPO, which founder and CEO John McCann will join the executive team as CEO of European and Cayman operations.
McCann said: “We are very pleased to become part of the MainstreamBPO group, whose cultural fit is strongly aligned to our own. This is a very exciting milestone for Trinity as the combined group will provide numerous opportunities for business expansion and our staff, while allowing us to continue to focus on delivering outstanding committed service and putting the client first.”
Martin Smith, CEO of MainstreamBPO, said: “The addition of Trinity’s group of companies to MainstreamBPO means we now have an established footprint in two more leading fund domiciles—the $2.2 trillion Irish funds market and $5.7 trillion Cayman fund market—to support our global cross-border client strategy.”
The acquisition is expected to be completed in July 2017, subject to various regulatory approvals.