TMF Group to Offload Custom House Fund Services

TMF Group will offload Custom House Fund Services, one year after the two companies completed its merger.
By Joe Parsons(2147488729)
TMF Group will offload Custom House Fund Services, one year after the two companies completed its merger

Custom House Fund Services will buyout from its parent company, and launch an independent fund administration company, according to a release from TMF Group. The decision is in response to recent market changes, it states.

The deal perimeter includes all of TMF Group’s fund services operations in Australia, Singapore, Hong Kong, Bulgaria, Malta, the Netherlands, Ireland and the U.S. However, TMF Fund Services Luxembourg will remain with TMF Group.

The transaction is pending regulatory approval.

“The best opportunity for a fund administration business to succeed is to be truly independent. The management of Custom House believes that the fund administration sector is evolving and there is a return to a premium of being a truly independent administrator that has been lost for quite for some time,” says Mark Hedderman, CEO, Custom House Fund Services.

The move to separate from its parent company comes in contrast to many independent fund administrators consolidating as a result of regulation.

“Custom House has been known and respected in the market since 1989 and has served some of the world’s biggest hedge funds, including Bridgewater and Winston,” adds Hedderman.

“Like everyone else, we have had to adjust to a changing financial and corporate landscape, but we are a young management team, we are excited to re-launch with the same vigour and spirit that we had 25 years ago and to continue to build toward a position of dominance as the go-to, gold standard for global independent mid-tier administrators.”

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