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TMF acquire State Street

TMF acquire State Street

Thursday 27 December 2018

TMF acquire State Street

Thursday 27 December 2018


TMF Group is set to acquire State Street’s Private Equity and Real Estate fund servicing business in the Channel Islands.

The move will bring the group's assets under administration to over $125 billion for Private Equity and Real Estate (PERE) clients.

In Jersey, the acquisition will add fund administration to its existing corporate and trust services, whilst in Guernsey, it will complement the recent acquisition of Gentoo, a leading fund administration business.

Pictured: State Street's offices in Jersey.

Mark Weil, TMF Group CEO, said: “The funds sector is one of our global specialties where we see a great opportunity for a firm with our geographic reach and technical capabilities. The combination of State Street and TMF funds platforms will create a tremendous offering to take to funds around the world, whether for the funds themselves, their SPVs or the operating entities they have invested in.”
 
Bob Keogh, State Street's EMEA Head of Alternative Investment Solutions, added: “We are pleased to have agreed this transaction with TMF Group, and believe they are very well placed to take this business forward in the Channel Islands, while allowing State Street to realign our focus to other growth opportunities. We will work closely with TMF Group over the coming months to ensure a seamless transition for our clients and employees in Jersey and Guernsey.”
 
Paul Mundy, Channel Islands' Head of Alternative Investment Solutions at State Street, commented: “I’m excited to be working with TMF Group, and look forward to helping grow its fund administration business in the Channel Islands.”

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