Press Release 1 minute 30 second read
TMF Group to acquire fund administration business in Channel Islands from State Street
TMF Group and State Street Corporation, today jointly announced a definitive agreement for TMF Group to acquire State Street's Private Equity and Real Estate (PERE) fund servicing business in the Channel Islands.
The acquisition is a key milestone in TMF Group's drive to further grow its PERE fund administration business. After the deal, TMF Group's assets under administration will reach over $125 billion for PERE clients, making it one of the leading fund administrators in Europe. TMF Group's 'one-stop-shop' of PERE services, including fund administration and depositary services, is supported by experts in over 80 jurisdictions worldwide.
In Jersey, the acquisition will add fund administration to its existing corporate and trust services, whilst in Guernsey, it will complement the recent acquisition of Gentoo, a leading fund administration business.
Mark Weil, CEO of TMF Group said: "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 SPVs or the operating entities they have invested in."
Bob Keogh, Head of Alternative Investment Solutions for EMEA at State Street said:
"We are pleased to have agreed 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 said: "I'm excited to be working with TMF Group, and look forward to helping grow its fund administration business in the Channel Islands."
Completion of the transaction is subject to regulatory approval in Jersey and Guernsey.
Sunita Ghalley
PR and Communications / TMF Group
sunita.ghalley@tmf-group.com / +44 (0)782 447 0354