TMF Group BV And Custom House Global Fund Services To Separate

Profession:TMF Group
 
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TMF Group B.V. has agreed with the management team of its fund services division, TMF Custom House, the creation of an independent, stand-alone Custom House Fund Services.

Dublin, Ireland, 18 March 2015: TMF Group B.V. has agreed with the management team of its fund services division, TMF Custom House, the creation of an independent, stand-alone Custom House Fund Services.

The heads of terms was signed at the end of 2014 with Mark Hedderman (CEO of Custom House, prior to its purchase by TMF Group) and James Osborne (a long-time Director of Custom House) to purchase TMF Group's Fund Services business. The transaction will now be submitted for regulatory approval.

The deal perimeter includes all of TMF Group's fund services operations in eight global locations - Australia, Singapore, Hong Kong, Bulgaria, Malta, Netherlands, Ireland and the United States. However, TMF Fund Services Luxembourg remains with TMF Group.

TMF Group's interim Chief Executive, Frederik van Tuyll, explained: "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."

He continued: "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...

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