Business services provider TMF Group and State Street Corporation have 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.
TMF says the acquisition is a key milestone in the group’s efforts to grow its PERE fund administration business – after the deal, TMF Group’s assets under administration will exceed $125bn for PERE clients.
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 fund administration business Gentoo.
Mark Weil, CEO of TMF Group, said: “The funds sector is one of our global specialties. 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: “TMF Group is 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.”
Completion of the transaction is subject to regulatory approval in Jersey and Guernsey.