Global Operations and Administration Limited (GOAL), a provider of tax reclamation services, has acquired Magenta One, a securities class actions specialist.
As a wholly owned subsidiary of GOAL, the business will trade under the new name of Magenta One Global Limited, operating out of GOAL’s headquarters in the City of London.
David Monks will continue to lead the sales team, targeting custodian banks, pensions funds, fund managers and brokerages, many of whom could be squandering substantial compensation by not participating in securities class actions.
“The acquisition of Magenta One represents a natural extension of the core capabilities and processes that we have built at GOAL, helping the investment community recover their rightful returns,” says Stephen Everard, the Managing Director of GOAL. “As such, we intend to enhance and extend the existing class actions business to the tangible benefit of our inherited customers, as well as offering our new services to existing tax reclamation customers. Previously, GOAL has calculated that some USD6 billion lies unreclaimed globally by cross-border investors each year; and Magenta One’s successful track-record of compensation pay-outs indicates that even higher sums are lost because institutions are neglecting securities class actions. This is an exciting opportunity for the GOAL Group and its customers.”