TMF Takes Full Ownership of Custom House

TMF Group has acquired the remaining 49% of Custom House Global Fund Services to become the sole owner.
By Janet Du Chenne(59204)

 TMF Group has acquired the remaining 49% of Custom House Global Fund Services to become the sole owner. The acquisition is subject to approvals and is expected to close by June 2014.

The acquisition allows TMF Group, the business consultancy services provider, to further expand its business into the alternative investment sector as a fund administration service provider across the middle and back office. TMF Group Fund Administration Services has a presence in Rotterdam, Sydney, Geneva, Sofia and Malta.

TMF Group newly combined fund administration services, including TMF Custom House Global Fund Services, will now operate from 14 global locations with nearly $40 billion of assets under administration.

Dermot Butler, the founder of the company, will become president of TMF Custom House Global Fund Services, stepping down from his role as chairman. Mark Hedderman will remain as CEO.

TMF Group CEO Hugo van Vredenburch commented: “This is a unique and strategic proposition in today’s hedge fund administration landscape. Our extensive corporate and financial institutional network in combination with Custom House’s leading-edge fund administration services will enable both companies to expand significantly in new and existing market segments.”

Dermot Butler said: “As the alternative fund administration sector continues to evolve, the team at Custom House has worked deliberately over the past 25 years to expand both its administration offerings and middle office solutions, culminating in the launch of the Gateway platform in the US last year. Our choice of partnership with TMF Group also reflects our anticipation of market demand and the benefits to fund managers of the choice of an independent, global fund administration solutions provider with no conflicts of interest.”

Custom House Global Fund Services CEO Mark Hedderman added: “With TMF Group’s institutional infrastructure and reach, we can create a true global leader in alternative financial investment services, particularly in the US. Custom House will operate as a member of the TMF Group of companies, retaining the Custom House name.”

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