Caledonian Global Financial Services announced its intention to acquire the Beacon Group of Companies, which includes Beacon Capital Management Ltd, Beacon Fund Advisors Ltd. and Beacon Fund Administrators (Pty) Ltd.
The acquisition of Beacon, a provider of fiduciary services, fund management and administration, and other investment services in both the British Virgin Islands and Cape Town, South Africa, is still subject to regulatory approval.
Once approved, the transaction will grow Caledonian Fund Service’s assets under administration to $5 billion, thereby reinforcing Caledonian’s international presence and extending Caledonian Fund Service’s footprint by adding two new offices, Caledonian said in a news release.
“Our vision for Caledonian is bold; it is to diversify our financial offerings through pioneering services and technology,” said Kobi Dorenbush, chief executive officer of Caledonian Global Financial Services. “Beacon’s team and services perfectly fit within our mission and we are now uniquely positioned.”
Beacon’s founder David Sims, who has 20 years experience in fund administration, will assume the role of global managing director for the Caledonian Funds Group. However, no other changes will be made to the organisational structure at this time. Beacon employees will join Caledonian, but will continue to work in the BVI and Cape Town offices.
Mr. Sims expressed excitement about becoming a part of the Caledonian team, saying the combination of both companies gives the group the opportunity to leverage resources and reach a larger market.
Following the acquisition of Caledonian by New World Holdings, the Caledonian Global Financial Service’s new co-CEO Mr. Dorenbush announced in September that Caledonian would seek to expand its line of services and conclude acquisitions of other financial service providers at a time of consolidation within the industry. The drive to position Caledonian as a premium financial services provider would also see the group take on more active banking services and move toward investment banking and corporate finance, he said.
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