TMF Group has acquired State Street’s Private Equity and Real Estate (PERE) fund servicing business in the Chanel Islands.
The acquisition is part of TMF Group’s drive to further grow its PERE fund administration business.
According to TMF Group, after the deal, TMF Group’s assets under administration will reach over $125 billion for PERE clients.
In Jersey, the acquisition will add fund administration to its existing corporate and trust services, while in Guernsey it will complement the recent acquisition of Gentoo, a leading fund administration business.
Mark Weil, CEO of TMF Group, commented: “The funds sector is one of our global specialties where we see a great opportunity for a firm with our geographic reach and technical capabilities.”
“The combination of State Street and TMF funds platforms will create a tremendous offering to take to funds around the world, whether for the funds themselves, their special purpose vehicles or the operating entities they have invested in.”
Bob Keogh, head of alternative investment solutions for Europe Middle East and Africa at State Street, said: “We are pleased to have agreed on this transaction with TMF Group, and believe they are very well placed to take this business forward in the Channel Islands, while allowing State Street to realign our focus to other growth opportunities.”
“We will work closely with TMF Group over the coming months to ensure a seamless transition for our clients and employees in Jersey and Guernsey.”
Paul Mundy, head of alternative investment solutions for the Channel Islands at State Street, added: “I’m excited to be working with TMF Group, and look forward to helping grow its fund administration business in the Channel Islands.”
