TMF Group completes deal to buy fund business Gentoo
THE sale of local fund administrator Gentoo to international corporate services provider TMF Group has been completed.
The figure for the deal has not been made public, but the move will give TMF a presence in Guernsey for the first time. It already has an office in Jersey.
Gentoo, based in Guernsey and Luxembourg, also offers corporate and trust administration services. It was established in 2011 through a spin-out of the corporate trust business of SG Hambros and backed by private equity firm Disruptive Capital.
Since then the business has grown its assets under administration to more than $15bn and staff numbers have risen from 17 to more than 50. Its backers said the deal had been one of its most successful.
‘We have been very pleased with Gentoo’s progress,’ said Edmund Truell, founder of Disruptive Capital. ‘Christine Whitehorne, Nick Degnen, Mark Hooton and the team have much to be proud of in their achievements, based on the sound principle of providing excellent service to their clients. Indeed, in our 24-year private equity investment history, we have had few investments be as reliably successful as Gentoo, producing a significant return on our investment.’
