TMF Group has agreed with the management team of TMF Custom House, its fund services division, to create an independent, stand-alone fund services operation.
Under the deal, which was signed at the end of 2014, James Osbourne – a long-time director of Custom House – will purchase TMF Group’s fund services business.
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The deal includes all of TMF Group’s fund services operations in eight global locations including Australia, Singapore, Hong Kong, Bulgaria, Malta, Netherlands, Ireland and the United States.
However, TMF Fund Services Luxembourg will remain with TMF Group.
TMF Group interim CEO Frederik van Tuyll said: "The fund services sector has evolved rapidly over the last few years and we now believe that Custom House will enjoy even greater opportunities for success as an independently owned and managed business."
"We believe that this is a very positive move and have underlined TMF Group’s commitment to the fund sector by retaining a minority shareholding in Custom House, putting both organisations in the perfect position to achieve maximum growth and success," he added.
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