Luxembourg-headquartered fund management company FundRock has completed the acquisition of Fund Partners from Professional Partners Administration Ltd (PPAL), the company confirmed in a statement released today.
The proposed acquisition was announced and referred to the Financial Conduct Authority (FCA) in the UK and the Commission de Surveillance du Secteur Financier (CSSF) back in January of this year.
FundRock today confirmed that it had received the requisite regulatory approval from the two bodies and that Fund Partners is now a 100% wholly owned subsidiary of the firm.
All staff retained
“All existing staff based in the Fund Partners London office have been retained by FundRock and will remain at the same premises continuing to serve all clients as usual,” said Fund Partners.
FundRock described the move as part of FundRock’s five-year plan to become the largest independent fund management company in Europe with a full pan-EU offering in the three major fund centres, UK, Ireland and Luxembourg.
FundRock opened a three-man office in Dublin in January
Strong offering post-Brexit
This broader pan-EU offering strengthens the company’s ability to service UK, US and other international clients and insulates both clients and the business from geopolitical uncertainty in a post-Brexit Europe.
FundRock and now Fund Partners chief executive Revel Wood said that as a group, the company would now be able to offer clients a “substantial, well-capitalised solution with deep and broad expertise in all the major European fund jurisdictions”, something that would become increasingly compelling post-Brexit.
This meant, he said, that UK managers now had access to access EU and vice versa “without committing to significant fixed costs and capital during times of regulator and political uncertainty”.
Ian Hobday, joint chief executive of PPAL and the WAY Group said that PPAL had found a “great new home” for Fund Partners, one in which it would be able to continue the growth it has enjoyed over the last four years.
He added that the remaining parts of the PPAL and WAY Group businesses based in Dorset would expand their operations in the areas of inheritance tax planning, transfer agency and related financial services.