Global provider of administrative services TMF Group has entered into an agreement to acquire FIDD Group, a fund administration provider based in Brazil.
The acquisition is part of TMF Group’s expansion into the Latin American market.
Founded in 2019, FIDD focuses on the administration, control, custody and distribution of investment funds.
As part of the mandate, TMF Group will administer more than €200 billion worth of assets on behalf of its global fund manager client base.
The deal will allow TMF Group to administer an additional client base that includes more than 70 funds.
The acquisition is expected to complete in 2024 and is subject to regulatory approval from Banco Central.
Rodrigo Zambon, managing director of TMF Brazil, says: “This deal reflects how attractive the market is in Brazil. This is our second Brazilian acquisition in the fund administration space and besides bolstering our presence in South America and complementing our existing footprint, it will expand our offering to our national and international clients with interests in the region.”
Pedro Salmeron, FIDD Group founding partner, comments: “After the completion of the acquisition, clients will have a more robust structure to rely on. Together, TMF Group and FIDD will be stronger, providing greater security and efficiency.”
