TMF Group acquires Custom House
Custom House Global Fund Services, a leading provider of financial services to the alternative investment sector, announced that TMF Group has acquired a further 49 per cent shareholding to become its sole owner. This transaction is subject to regulatory clearance but completion is expected by June.
TMF Group Fund Adminis-tration Services has built a solid reputation through its offices in Rotterdam, Sydney, Geneva, Sofia and Malta.
This acquisition allows TMF Group to expand its business into the growing alternative investment sector (including private equity and real estate investment services) and offer the industry the choice of a non-conflicted, independent and global partner for fund admini-stration services and solutions across the middle and back office.
TMF Group CEO Hugo Van Vredenburch commented: “This is a unique and strategic propo-sition in today’s hedge fund administration landscape. As a global, independent and wholly-owned financial services firm, we will continue to harness the innovative spirit of Custom House that was created by Dermot Butler in 1989.
“Our extensive corporate and financial institutional network in combination with Custom House’s leading-edge fund administration services will enable both companies to expand significantly in new and existing market segments.”
Mr Butler, the founder of the company, will become president of TMF Custom House Global Fund Services, stepping down from his role as chairman. Mark Hedderman will remain as CEO along with the key team of executives that have been dedicated to building out Custom House over the past 10 years.
TMF Group’s newly combined Fund Administration Services, including TMF Custom House, will now operate from 14 global locations with nearly $40 billion of assets under administration.