US-based investment manager Foreside Financial Group has agreed to acquire Beacon Hill Fund Services for an undisclosed sum.

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The deal is anticipated to be completed on 31 July.

The two firms offer several same products and services including distribution services, fund officer services as well as regulatory and compliance consulting services.

Foreside CEO Richard Berthy said: "The acquisition of Beacon Hill brings together some of the industry’s most experienced professionals and enhances our management, services, and opportunities for growth.

"Foreside and Beacon Hill share a strategic vision to broaden our scope of products and services, and to enhance our core services for investment managers and their funds, in both the U.S. and offshore markets."

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Ohio-based Beacon Hill offers a range of business management services to US and non-US investment managers, and manages $28.6bn in assets. The firm employs 22 staff, and caters to 19 clients with 144 funds.

Maine-based Foreside offers distribution, registered representative licensing, fund chief compliance officer and treasurer services, and regulatory and compliance consulting. In addition to its Maine headquarters, the firm also operates in Berwyn, Pennsylvania, Boston, Massachusetts, and Columbus, Ohio.

Foreside president David Whitaker said: "Investment managers in every market are increasingly seeking a focused, objective and independent partner to provide advice and customized solutions to all aspects of management, governance, and distribution to help grow their businesses.

"The combination of Foreside and Beacon Hill brings a robust organization that works in concert with investment managers to build, manage, and grow their products and franchises."