MainstreamBPO, a Sydney-headquartered, ASX-listed fund administrator, has announced it is acquiring Trinity Fund Administration, a Dublin-based fund administrator which also has operations in the Cayman Islands, New York and Cyprus.
In a statement on its website, MainstreamBPO said the acquisition is expected to be completed by July, subject to the necessary regulatory approvals. within the relevant jurisdictions.
The total combined purchase price of the acquisition is given as US$5m, the company says, in a detailed breakdown on the Australian Securities Exchange’s website.
Privately-held Trinity provides administrative, transfer agency, company register, corporate secretarial, risk and regulatory reporting and other related services to more than 140 funds and investment vehicles, and currently employs 30 staff across its various offices. It was founded in 1993 by John McCann, its chief executive, and currently services or administers assets in the region of US$7bn, MainstreamBPO said.
In addition to its offices in Dublin, Cyprus, the Cayman Islands and New York, it says it has “formalised strategic relationships in numerous other jurisdictions” including the Bahamas, Bermuda, the British Virgin Islands, Malta, Gibraltar, Hong Kong and the Channel Islands.
After the acquisition is completed, McCann will become the CEO of the newly-combined entity’s European and Cayman operations.
MainstreamBPO chief executive Martin Smith said the acquisition would give his company “an established footprint in two more leading fund domiciles – the US$2.2trn Irish funds market and the US$5.7trn Cayman fund market – to support our global cross-border client strategy”.