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Acquisition
Date: 13-06-2007
Source: IFG
Acquisition
IFG Group plc is pleased to announce that it has to-day acquired, through its subsidiary IFG Fund Administration Holdings Limited (‘IFG Holdings’) the entire issued share capital of Northern Trust International Fund Administration Services (Isle of Man) Limited (‘NTIoM’), a company based in Douglas, Isle of Man. NTIoM has been acquired from Northern Trust GFS Holdings Limited, part of the Northern Trust Corporation.
NTIoM is an established fund administration business and provides company administration and personal trust services for a range of Isle of Man fund structures and private clients. The services provided to fund administration clients includes fund accounting, financial accounting, transfer agency and corporate secretarial services. NTIoM has seventeen permanent employees.
The consideration is Stg£3,229,751 (€4,777,738) all of which has been satisfied in cash upon completion.
The corporate and trustee clients of NTIoM will be integrated into IFG’s existing Trustee and Corporate Services Division. The fund administration business will operate separately and will be managed by four senior directors recently recruited from a major bank lead fund administration business. This acquisition will consolidate IFG’s position as one of the leading independent international corporate service providers.
In the year ended 31 December 2006, the last date to which audited accounts were prepared, NTIoM had total turnover of Stg£3,127,903 and total profit on ordinary activities before tax of Stg£1,010,554. Net assets acquired on completion were Stg£1,300,000.
13 June 2007
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