Suntera Global has completed the acquisition of US-based Socium Fund Services, as the firm looks to grow and expand its geographic footprint.
Founded in 2016, Socium provides fund administration services across the whole of the US, to private equity, private credit, venture capital and real estate focused fund managers. Employees will join the new business immediately and will become “Socium, a Suntera Global Company”.
The acquisition will help the firm to raise its profile in the US market, adding to the firm’s existing network in the Bahamas, Cayman Islands, Hong Kong, Isle of Man, Jersey, Luxembourg, Malta and Switzerland.
David Hudson, group CEO of Suntera Global, said: “This is a major strategic move for us, reflecting our ambition to expand into a new, major market that offers significant growth potential. Servicing clients on both the east and west coasts, Socium will not only enhance our service offering and presence in the US itself but will also add considerably to our existing global capabilities in supporting alternative fund managers.”
Michael Von Bevern and Beth Mueller, joint Partners and co-founders of Socium, added: “Becoming part of the Suntera Global team will give us the opportunity to continue to enhance and broaden our client offering. Suntera Global’s culture of empowering responsible ambition resonates with us as entrepreneurs and leaders committed to building an exceptional team to deliver superior service in our industry.”
The acquisition follows a similar move by Suntera Global back in August 2021, when it acquired Luxembourg-based boutique fund administrator Reference Financial Services to further strengthen its presence in EU markets.