TMF Group expands fund services 06 September 2019Saint Peter Point Reporter: Jenna Lomax
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TMF Group has acquired State Street’s private equity and real estate fund administration business in the Channel Islands, as part of an initiative to grow its fund services business.
In Jersey, the acquisition of State Street’s private equity and real estate business adds fund administration to its existing corporate and trust services, while in Guernsey the acquisition adds to the recent acquisition of Gentoo, a leading fund administration business.
TMF Group’s fund services includes fund administration and depositary services and are supported by experts in more than 80 jurisdictions worldwide.
Mark Weil, CEO of TMF Group, said: “We are excited to be growing our fund administration business–one of our global specialties.”
He added: “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 of Channel Islands at TMF Group, commented: “This [acquisition] 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.”
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