22 March 2023Analysis

TMF buys up fund administrator provider

TMF Group, a provider of global administrative services, including fund accounting and administration, has acquired PartnersAdmin, a full-service outsourced fund administration provider.

As a result, TMF Group said that it will now administer more than $215bn worth of assets on behalf of its global fund manager client base.

Founded in 2008 and headquartered in Carlsbad, California, PartnersAdmin brings a diverse set of investment management credentials and fund operations experience, with a strong US West Coast footprint and a great portfolio of fund clients across multiple states, including a robust presence in California, Texas, New York, and Colorado.

PartnersAdmin supports fund managers across all stages of fund lifecycles with their fully integrated technology platform, providing seamless integration of portfolio, partnership, and investor accounting.

According to TMF the acquisition represents a strategic step in its expansion in the North American market, particularly in the US, where in 2021 the company acquired Venture Back office, a US based third-party provider of solutions to private equity, real assets, credit, and emerging manager funds, allowing TMF Group to continue to build a high quality, fast-growing fund administration business.

In January 2022, TMF Group acquired Paraty Capital, a Brazilian fund administration platform focused on private equity, real estate, infrastructure, venture capital, and private debt funds, enabling TMF Group to compete for larger funds mandates in the Brazilian market, particularly with large US managers.

“This deal reflects how attractive the North American market is due to its concentration of private equity firms and ease of doing business, as reported in our Global Business Complexity Index,” said Lisa Wilcox, TMF Group’s North America Market Leader. “This is our second US acquisition in the fund administration space and besides bolstering our presence in North America and complementing our existing footprint, it will expand our offering to our national and international clients. We are looking forward to welcoming everyone from PartnersAdmin into TMF Group.”

Daniel Max, TMF Group’s Head of Global Solutions, commented: “This key acquisition highlights TMF Group’s strength and appetite in the fund administration business. The deal follows other carefully selected acquisitions that have taken place recently - including State Street’s fund administration business in the Channel Islands, IQ-Nexus in The Netherlands, and Selectra, a 3rd party AIFM Manco in Luxembourg - all designed to strengthen the company’s fund services proposition.”