Custom House has acquired the majority of the US clients of the former Dundee Leeds Management Services, which is no longer in business.
The transaction represents $1 billion in assets, and became effective on 1 June. Custom House now has more than $20 billion in assets under management.
The acquisition adds to Custom House’s growth since it split from TMF Group earlier in the year, and is intended to lead to further expansion in to the Asian market, as well as leading to improvements to its Gateway fund services and reconciliation platform.
CEO of Custom House Mark Hedderman said: “It has been gratifying that the management of Dundee Leeds and their clients recognise our commitment to the industry and strong management team.”
He added: “The choice of Custom House by these new clients to handle their fund administration business is a clear reflection of our independence and history of successful client partnerships that are in the best interests of all parties.”
