Caledonian Global Financial Services has completed the sale of its wholly owned subsidiary, Caledonian Global Fund Services Ltd., to Circle Partners.
Caledonian’s funds division has offices in the U.S., the Cayman Islands and the British Virgin Islands.
Caledonian CEO Kobi Dorenbush said, “With this sale, Caledonian Global Financial Services is better positioned to focus on its core business of banking, brokerage, wealth management and fiduciary services.”
Michael van Zanten, gobal head of fund services for Circle Partners, said the acquisition will enable Circle Partners to further expand its fund administration services to the U.S. marketplace and strengthen its presence in the Western Hemisphere, following the acquisition of a fund services operation in Curaçao in 2012.
“This is an important and logic step in our strategy of becoming a global service provider,” he said.
Fund administrator Circle Partners was incorporated in 2000 and has operational offices in Amersfoort (the Netherlands), Bratislava (Slovakia), Luxembourg and Curaçao (Dutch Caribbean) and representative offices in Zurich and London. Following the acquisition of Caledonian Fund Services, the Circle Partners group now employs 70 employees and services all types of alternative funds with more than US$6 billion of assets under administration.
“Given the current market conditions and increased regulation, Circle Partners is now better positioned to meet the needs of its clients, in particular those who require to be serviced out of multiple geographical locations,” Circle Partners said in a statement.
Caledonian Global Fund Services will undergo a name change and operate under the Circle Partners brand and trade name. Clients will be serviced by the same teams during the transition process, the firm said.
Keith Schult, who heads up Caledonian’s Orlando office, said, “This [transaction] will give us the opportunity of expanding further into the Americas, broadening offering and learning from each others’ businesses.”