Goal Group, the London-based global provider of withholding tax reclamation and securities class action recovery services, is expanding its operations in the United States with the opening of a third US office, on State Street in New York City.
Goal’s new presence in New York will enable the company to meet rising demand for its international services from custodian banks, fund managers and the cross-border investment community. Goal estimates that around a quarter of recoverable withholding tax on cross-border income still goes unclaimed each year, which in 2013 resulted in global investment losses of £13.2 billion.
The expansion within the US market comes off the back of Goal’s best year to date, with significant growth across the US, Canada, Latin America, APAC and Europe. Headquartered in London, the company has an expanding global footprint, with a recently created APAC operations centre in Melbourne, Australia and an established network of offices in San Francisco, Philadelphia and Hong Kong.
Noah R Wortman (pictured), Chief Operating Officer, Americas at Goal Group, says: “We are delighted to open our first office in New York, and third in the US, which reflects the company’s commitment to further growing our North American client base. Reclaiming the over-withheld tax that is levied on cross-border income has become a vital area of fiduciary duty, in light of the substantial difference that reclaims can make to fund returns. The New York office will handle the complete reclamation process and create new jobs locally, all of which will be supported by our world-class global research and technical teams and ISO-accredited technology systems.”
Stephen Everard, Chief Executive Officer at Goal Group, says: “This is a very exciting time for Goal Group. The expansion of our North American offering is a result of the Company’s significant growth this past year and the increasing demand for withholding tax reclamation and securities class action recoveries globally. This is a significant step forward for the business and further underlines our ability and commitment to deliver safe and secure services, which help maximise shareholder returns worldwide. We look forward to further developments in the US and remain committed to our clients both locally and globally.”
Goal delivers end-to-end withholding tax reclaim and reporting solutions, covering all client types, jurisdictions and stock types including ADRs. On the class actions side, the company is at the forefront of the evolving industry as increasing numbers of legislatures around the world develop legal frameworks that allow investors to bring class actions. Goal has already won compensation for clients in 37 jurisdictions and is working with fiduciaries and global investors to help them monitor and take advantage of emerging international opportunities.
Goal’s clients include five of the top ten global custodians and six of the top ten global fund managers, and the company monitors in excess of £8 trillion ($14 trillion) in client assets worldwide.