IFG acquires Northern Trust Isle of Man fund administration business
Dublin-based IFG Group has strengthened its position as an independent provider of international corporate services with the acquisition of Northern Trust International Fund Administration Services (Isle of Man).
Under the GBP3.2m all-cash transaction carried out by group subsidiary IFG Fund Administration Holdings, IFG has acquired the entire share capital of the Douglas-based firm, which posted turnover of more than GBP3m last year
Northern Trust acquired the Isle of Man administration business from Dutch group ING in November 2004 as part of Baring Asset Management's Financial Services Group, comprising fund administration, custody and trust services business.
The Douglas firm provides company administration and personal trust services for a range of Isle of Man fund structures and private clients. The services provided to fund administration clients include fund accounting, financial accounting, transfer agency and corporate secretarial services.
The company's 17 permanent employees and three contract staff have been invited to join IFG. 'This acquisition will strengthen our position at the forefront of the independent international corporate service providers sector,' says Declan Kenny, chief executive of IFG's international division.
'The corporate and trustee clients will be integrated into IFG's existing trustee and corporate services division. The fund administration business will operate separately and will be managed by four senior directors recently recruited from a banking-led fund administration business.'
IFG Group, which has its headquarters in Dublin and overseas operations in the UK, Isle of Man, Jersey, Cyprus, Spain, Switzerland and Japan, provides of independent financial advisory services in Ireland and the UK, mortgage business solutions and title insurance services in Ireland, and international and corporate trustee services.
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