UK-based Waystone is to acquire T. Bailey Fund Services (TBFS), an independent fund administration service provider and authorised corporate director (ACD) to the UK fund management industry.
The acquisition is part of a wider effort by Waystone to strengthen its presence in the UK ACD market.
As part of Waystone, the TBFS team will focus on the continuity of its existing offerings, while also being able to service its delegated fund managers with a wider pool of resources.
Waystone will provide TBFS with compliance systems and resources to further support its oversight of current and emerging regulatory issues and developments.
TBFS’ clients will continue to be serviced from its Nottingham office and the TBFS management team will join the Waystone ACD senior management team.
Jessica Kirk, CEO of TBFS, comments: “The agreement with Waystone provides TBFS with a solid foundation for future growth. Our delegated fund managers place great value on TBFS’ personal service proposition, and we are delighted to have found in Waystone a collaborative partner that shares this vision.”
Rachel Wheeler, managing director of Europe at Waystone, says: “The addition of TBFS means we will be able to offer our clients a premium, fully-serviced ACD offering. This combination demonstrates our commitment to the UK market and allows us to serve more clients in a high-quality way with an established and trusted entity that has over 50 employees and a growing, first-class client base.”
