TMF Group, the Doughty Hanson-backed corporate services firm which previously owned 51% of Custom House Global Fund Services, has agreed to acquire the remaining 49%.
Custom House provides administration services to the alternative investment sector. TMF Group has an existing fund administration offering spanning Rotterdam, Sydney, Geneva, Sofia and Malta, but the acquisition will significantly increase its middle and back office capability in the alternatives investments space. The combined group will offer fund services from 14 global locations, with almost $40 billion of assets under administration.
Dermot Butler, who founded Custom House some 25 years ago, will become President of TMF Custom House Global Fund Services, and Mark Hedderman will remain as CEO.
This transaction is subject to regulatory clearance but completion is expected by June 2014.
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