Financial services group Ocorian has acquired Newgate Compliance, a London-based compliance consultancy and hosted regulatory solutions provider for funds. The deal is subject to regulatory approval.
Newgate Compliance was founded in 2014 and provides compliance consulting services, based on a proprietary software – GATEway – that enables clients to track and meet their FCA regulatory obligations.
Ocorian stated in a press release that the acquisition strengthens its service offering to asset managers that operate in the regulated UK market. Following the acquisition, it will provide end-to-end administration services and a suite of compliance and regulatory services.
“Our strategy of acquiring the highest quality, independent businesses in key markets has been very successful and continues with the acquisition of Newgate Compliance,” said Farah Ballands, CEO at Ocorian.
For Newgate’s clients and staff it will be business as usual, she added. “We are looking forward to working with the founders, Martin Herriot and Aron Brown, as well as the whole team at Newgate to expand our funds offering in the UK.”
The founders, Herriott and Brown, who will continue to lead Newgate, said in a statement, “Our clients will benefit from Ocorian’s extensive suite of services across the globe and our employees will be able to take advantage of the broader opportunities that come with being part of a large, multinational enterprise.”