TMF Group, a leading provider of compliance and administrative services, has announced the acquisition of Goodbody Fund Management (“GFM”), part of Goodbody Stockbrokers UC (“Goodbody”).
In operation since 2013, GFM and the Property Investment Management team provide tailored fund solutions to Alternative Investment Funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS), as well as property investment management services. GFM is a regulated AIFM and UCITS management company (“ManCo”) with extensive experience in managing funds for institutional clients.
The firm writes that the acquisition represents a strategic step in its expansion in the Irish market, allowing TMF Group to continue to build a high quality, fast-growing funds business. As a result, TMF Group will now administer more than USD225 billion worth of assets on behalf of its global fund manager client base.
On announcing this acquisition, TMF Group Head of EMEA Frank Welman says: “We’re delighted to welcome GFM, its employees and clients to TMF Group. GFM is a well-established Super ManCo, regulated in Ireland and licensed to operate various alternative asset classes as well as liquid funds which will enable TMF Group to become a one-stop shop for our fund clients. GFM’s experience in offering top level alternative investment services, spanning from real estate to retail funds, represents a huge step forward for our fast-growing global fund services operation.”
Daniel Max, Head of Global Solutions at TMF Group, says: “The acquisition is a fundamental part of a continuing growth story for TMF Group and a strategic intent to develop and grow its global fund services business. GFM adds high quality funds capability to TMF Group’s portfolio of services in Ireland, helping it to increase its share of this growing market. This deal is part of TMF Group’s drive to further grow its fund services business and the deal follows a successful series of acquisitions by TMF Group in Luxembourg (Selectra), in Brazil in 2022 (Paraty Capital) and in the United States (VBO in 2021 and PartnersAdmin in 2023).
GFM Chief Executive, Phelim Keogan, says: “GFM is extremely proud of the company we’ve built over the past 10 years and the strong customer franchise we have established. Our highly experienced fund management team is excited to join such a global, trusted leader in the professional services industry, affording us the opportunity to rapidly grow our market profile and enhance our customer offering.”
For this transaction, the sellers were advised by Goodbody Corporate Finance (M&A) and Arthur Cox (legal). TMF Group was advised by Simmons & Simmons (legal) and EY (Finance & Tax)