Astorg portfolio company IQ-EQ has purchased South Watch from majority shareholder Everlane Equity Partners and principal employee shareholders.
South Watch specialises in fund administration, outsourced CFO services, and tax preparation for hedge fund managers in the US and the Cayman Islands.
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This acquisition is said to enhance IQ-EQ’s presence in the Boston region.
The rebranding of South Watch to IQ-EQ is set to commence immediately as part of the integration process.
IQ-EQ Group CEO Mark Pesco said: “We’re delighted to welcome the South Watch team to the Group. Their reputation and expertise in hedge fund administration makes them the perfect addition to our U.S. business, further enhancing our comprehensive client offering.
“IQ-EQ’s team in the US has grown to over 630 experts servicing an expanding client base across 14 offices nationally.”
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By GlobalDataSouth Watch, established in 2016 by Paul Timmins and David Loescher, saw Kirby Richards join as a managing partner in 2017.
The leadership team, comprising Timmins, Richards, and Loescher, will remain in place.
Timmins will now become head of product for liquid funds, while Richards and Loescher will serve as co-heads of fund administration for liquid funds.
Timmins said: “This deal marks an exciting new chapter for the entire South Watch team and is testament to the strong business we have built together.
“We are deeply grateful to every client, business partner and employee who has helped shape our success along the way.”
In October 2024, IQ-EQ received authorisation to offer corporate services in the Abu Dhabi Global Market (ADGM).
This follows the launch of its Abu Dhabi office and the acquisition of a fund services licence in 2023.
