Crestbridge is to acquire Ovation Fund Services, based in New Jersey, US.
Ovation is a provider of fund administration, accounting and reporting services to US domestic private equity and real estate funds.
On completion, Ovation will become part of the Crestbridge brand from 31 December and the business’ seventh office. All Ovation employees will join Crestbridge.
The acquisition substantially expands Crestbridge’s presence in the US, where it already has an office in New York, and boosts its ability to service private equity and real estate funds.
Crestbridge’s existing network covers London, Luxembourg, Bahrain, the Cayman Islands, New York and Jersey.
Paul Perris, Chief Commercial Officer of the Crestbridge Group, said: “This provides North American clients access to European investment markets and turnkey solutions, which continues to be an increasingly strong trend, as well as supporting inward investment into North America.”
The New Jersey office will be led by Scot Hadley (pictured), Ovation’s founder, who has over 23 years’ experience growing businesses and building long-term relationships within the private equity and real estate industry in the US and beyond.
The acquisition follows the launch of Crestbridge Fiduciary LLC, designed to support families with US-based interests.