Alternative asset manager The Carlyle Group has agreed to buy a majority stake in independent asset services firm Conifer Financial Services.
Following the deal, Conifer’s senior management will continue to lead the business and will also own a significant minority interest in the firm.
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Conifer CEO Jack McDonald will continue to lead the company. Christopher Dodds, Keith Taylor and William Allen will join Jack McDonald and Conifer chairman William Vastardis on Conifer’s board of directors.
The deal, subject to customary closing conditions and regulatory approvals, is scheduled to close in the second quarter of this year.
Carlyle will procure capital for the investment through Carlyle Global Financial Services Partners. Deal terms have not been disclosed.
Conifer Financial Services was created in last May through the merger of Conifer Group and Vastardis Capital Services Holdings.
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By GlobalDataVastardis commented, "Our clients have already benefited from the enhanced services created through our merger in 2014. With Carlyle’s support and expertise, our continued investment in the platform will further enhance our ability to deliver powerful solutions and support to our clients, many of whom are adapting to the challenges imposed by a rapidly evolving operating environment."
Conifer provides front-to-back capabilities across all asset classes for hedge funds, pensions, endowments, foundations, funds of funds and family offices, and private equity and venture capital. It comprises over $100bn of combined assets under administration.
Carlyle’s global financial services fund head Olivier Sarkozy added, "We are excited to partner with Jack, Bill and the entire Conifer management team. Conifer’s mix of fund administration, middle- and back-office services, and outsourced trading platform, provides value to their clients far beyond what is typical in the sector. We look forward to working with Conifer as it continues to expand Conifer’s leadership in innovative fund and asset services."
