Investor services provider IQ-EQ has snapped up Blue River Partners, an outsourced solutions provider to alternative asset managers.
The deal is said to make IQ-EQ a key private equity and hedge fund services player in the US.
All Blue River employees will join IQ-EQ as part of the deal, but Blue River will keep its current name.
Blue River CEO Mark Fordyce and president Michael Minces will now spearhead the US business of IQ-EQ.
Fordyce noted: “This acquisition is incredibly strategic as it will allow Blue River to provide global capabilities and solutions to our clients and give us a greater ability to scale with our clients as they grow and expand their businesses.
“For the Blue River team, not only does being part of a larger, global organisation make perfect sense from a business perspective, it also offers significant benefits to each member of our team in terms of career progression and personal development opportunities.”
The consolidated group will have a headcount of 200 in the US. The deal value was not divulged.
IQ-EQ group executive chairman Serge Krancenblum said: “The acquisition of Blue River marks a key milestone for us as it strategically increases our presence in the U.S., the largest and fastest growing fund administration and regulatory compliance market in the world, cementing our position as one of the top 4 investor services firms globally.”
Minces added: “The Blue River team is incredibly excited about this new endeavour. We have built our business by thinking creatively, hiring very talented professionals and working hard for our clients every day. For us this transaction represents the natural evolution of Blue River by expanding our service lines and geographic reach on a global scale.
“Together with IQ-EQ, we can offer our U.S. client base a highly responsive, team-led fund servicing platform in Europe and Asia. We are also better able to help support our clients’ ambitions to raise capital outside of the US. Simply put, this is Blue River continuing to live up to our commitment to always get better.”
Blue River offers fund administration, outsourced CFO services, regulatory compliance solutions, management company operations services, IT and cybersecurity consulting, among others.
The firm has branches in Dallas, Fort Worth, Houston, Austin, New York, Chicago and San Francisco. It has an employee strength of around 180 and a client base of over 400 in the US.