UK: TMF Group BV And Custom House Global Fund Services To Separate
Last Updated: 27 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.

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 both organisations in the perfect position to achieve maximum growth and success."

Mark Hedderman, added: "All of us in Custom House are delighted to be in a position to be an independent business again.  We believe that as a separate fund services provider we will be perfectly positioned to offer clients the core requirements of independence, client service, partnership and trust that they seek."

Hedderman went on: "It is our goal to build Custom House to be the best independent fund services provider in the market and we believe that our reputation and respect, which has been hard earned, will continue to be appreciated by clients who wish to have a real partner for their future growth.

"In 2014 we marked 25 years of Custom House and this is another new and exciting chapter in our journey that we believe will lead us and our clients towards continued success.  An important aspect of this will be the relaunch of the Custom House brand and corporate identity, including a new website, and we look forward to sharing this in the coming months."

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