TMF Group, a provider of global business services, has completed the acquisition of State Street’s private equity and real estate fund administration business in the Channel Islands.
The acquisition is a key milestone in TMF Group’s drive to further grow its fund services business and means it now has over $125bn in client assets under administration within fund services, making it one of the largest fund administrators in Europe.
In Jersey, the acquisition of State Street’s private equity and real estate business adds fund administration to its existing corporate and trust services, whilst in Guernsey, it complements the recent acquisition of Gentoo, a leading fund administration business.
Mark Weil, CEO of TMF Group, said: “We are excited to be growing our fund administration business – one of our global specialties. The combination of State Street’s private equity and real estate services and TMF Group’s funds platforms means that we are brilliantly-placed to serve funds clients around the world with a single, safe and consistent service model.”
Cengiz Somay, Managing Director, Channel Islands at TMF Group said: “Now with over 200 experts in the Channel Islands supported by 7,800 professionals globally, TMF Group is the best positioned firm in the market to meet the end-to-end global needs within fund services. This allows our clients to focus on investing and generating returns for their investors, with the peace of mind that TMF Group is delivering first-class fiduciary, administration, compliance and reporting services.”