Cayman-based Caledonian Global Financial Services has announced the acquisition of the Beacon Group of companies, which is based in the British Virgin Islands and comprises Beacon Capital Management, Beacon Fund Advisors and Beacon Fund Administrators.
Beacon is a provider of fiduciary services, fund management and administration, and other investment services in both the BVI and Cape Town, South Africa. While regulatory approvals are pending, this transaction will serve to reinforce Caledonian’s international presence.
Caledonian Fund Services’ assets under administration will increase to USD5bn, transforming the group into one of the strongest administrators in the jurisdictions that they operate. Caledonian Fiduciary Services footprint will also be strengthened through the addition of these two new offices.
Beacon’s founder, David Sims, has 20 years of experience in fund administration and will assume the global managing director role for the Caledonian Funds Group, but no other changes will be made through the organisational structure at this time.
Sims says the combination of the two companies gives the group the opportunity to leverage resources and reach a larger market. Beacon employees will join Caledonian, but will continue to work in the BVI and Cape Town offices to service clients.
“Our vision for Caledonian is bold; it is to diversify our financial offerings through pioneering services and technology. Beacon’s team and services perfectly fit within our mission and we are now uniquely positioned,” says Kobi Dorenbush (pictured), chief executive of Caledonian Global Financial Services.
Caledonian has offices in the Cayman Islands, BVI, Isle of Man, Orlando (Florida) and Connecticut providing financial services to individual and corporate clients. Many of the group’s companies are licensed and regulated by the Cayman Islands Monetary Authority and the Isle of Man Financial Supervision Authority.
Caledonian holds a Class A banking licence in the Cayman Islands provides operating accounts, liquidity financing, foreign exchange desk, FX hedging, credit lines and standby letters of credit to hedge funds and insurance captives, as well as global custody, worldwide correspondent banking and investment services to private clients.
Caledonian Fund Services provides a fully outsourced front middle and back office solution for hedge funds and funds of funds from regional offices in Connecticut, Orlando, Cayman and the Isle of Man.
The group also offers captive insurance management, fiduciary services including non-executive directors of companies, funds, trust companies and banks and trustees of private and institutional trusts, and outsourced managed office services in Cayman, and its Distressed Fund Advisory Group is a specialist group of experts that can manage the wind-down of a fund as an alternative to a formal liquidation.
In July this year, the Caledonian Group announced that it had been acquired by New World Holdings, a privately held investment company in the Cayman Islands.