Australian fund administrator MainstreamBPO is acquiring Trinity Fund Administration in Ireland and the Cayman Islands. The total combined purchase price of the acquisition is US$5 million.
Subject to regulatory approval within the relevant jurisdictions, the acquisition is expected to be completed in July.
Trinity provides administrative, transfer agency, company register, corporate secretarial, risk and regulatory reporting and other ancillary services to more than 140 funds and investment vehicles incorporated in a variety of jurisdictions.
MainstreamBPO Chief Executive Martin Smith said the strategy will bring “critical mass” to its operational capability and clients within Europe and the Caribbean.
The Australian Stock Exchange-listed administration provider is expected to boost its funds under administration by US$7 billion. It currently serves some 631 funds with a combined funds under administration of $114 billion.
All of Trinity’s 30 employees will join the group. Chief Executive John McCann, who founded the company in 1993, will lead MainstreamBPO’s European and Cayman operations.
“We are very pleased to become part of the MainstreamBPO group whose cultural fit is strongly aligned to our own. This is a very exciting milestone for Trinity as the combined group will provide numerous opportunities for business expansion,” Mr. McCann said.
“We thank all of Trinity’s staff for their hard work and dedication over the years and look forward to exploring the increased global possibilities that this deal represents for staff and clients alike.”
The acquisition of Trinity will further expand MainstreamBPO’s global footprint in key international fund centers. Last year the group entered both the U.S. and European markets with offices opening in New York and Malta.
In the United States, Mainstream BPO acquired Fundadministration Inc., and in the Isle of Man the group bought Galileo Fund Services.
Following the Trinity transaction, MainstreamBPO will have offices in Australia, Hong Kong, Singapore, the United States, the Isle of Man, Malta, Ireland and the Cayman Islands.
The Australian fund administrator announced the appointment of Mr. Smith, the company’s co-founder and current chief executive of its fund administration, as the new CEO of the group earlier this month.
He succeeds Byram Johnston, the group’s long serving CEO and co-founder, who decided to step down from day-to-day management. However, Mr. Johnston will remain involved in the business as the executive chairman.
Mr. Johnston and Mr. Smith founded MainstreamBPO together in 2006.