Transaction expands fund services capabilities in Europe
WILMINGTON, Del.-Tuesday 5 November 2019 [ AETOS Wire ]
(BUSINESS WIRE)-- CSC, a world leader in global business, legal, tax, and digital brand services, is pleased to announce that it has signed a definitive agreement to acquire TCS-Groep (TCS), a Netherlands-based service provider for alternative investment funds (AIFs).
TCS offers fund administration and depositary services for alternative asset managers with a focus on real estate, private equity, private debt, and social impact funds, and manages more than €6,5 billion in assets on behalf of its clients. The deal is subject to regulatory approval in the Netherlands.
“We’re delighted to welcome TCS to CSC as part of our long-term strategy to develop the European market by offering international clients our suite of fund administration, capital markets, and depositary services,” says CSC Senior Vice President John Hebert. “TCS has an impressive track record and similar service-oriented culture to our own. The combined offerings and shared reputation for high-quality client service create a unique offering in the marketplace.”
The acquisition of this Netherlands based business extends CSC’s capabilities for global financial market (GFM) clients and gives it a physical presence in another leading European financial center. CSC’s other European GFM offices are in London, Luxembourg, and Dublin. The acquisition follows several strategic hires and investments CSC made in 2019, including the organic recruitment and set-up of its fund administration business in the U.S. and APAC markets. With this acquisition, Liam McHugh, managing director, will relocate to Dublin to oversee CSC’s fund administration business in Europe.
“Beyond extending our capabilities in Europe, this acquisition reinforces our competitive advantage of being a privately held and independent service provider,” says Hebert. “Our long-term stability and client-centric approach is highly valued by funds clients and makes for a strong cultural fit between our respective organizations.”
TCS was founded in 1991 and is headquartered in Maarsbergen, Netherlands. TCS currently has 26 staff across two offices who will join CSC as part of the acquisition. TCS provides back office, compliance, accounting, tax, representation, and domiciliation services to funds based in the Netherlands. And in addition, TCS is the largest non-banking depositary in the Netherlands.
“Becoming part of CSC gives us the ideal platform to further accelerate our success in building the highest quality fund services business in the Netherlands. We are excited to partner with a firm that has an international footprint and the same commitment to service excellence that our clients have come to expect,” says Birgitte van den Broek, CEO of TCS-Groep. “We carefully selected our partner, and this represents the ideal outcome for both our clients and employees. Our clients will continue to receive our personalized services from their existing client service teams, and both our clients and employees will benefit from the extended knowledge base now accessible via CSC.”
Financial terms were not announced. Pepper Hamilton and Houthoff served as legal advisor to CSC. PhiDelphi Corporate Finance acted as sole financial advisor to TCS-Groep and JanssenBroekhuysen provided legal advice.
CSC is a leading provider of specialized administration services to alternative asset managers across a range of fund strategies, capital markets participants in both public and private markets, and corporations requiring fiduciary and governance support. We are the unwavering partner for 90% of the Fortune 500®, nearly 10,000 law firms, and more than 3,000 financial institutions. CSC’s Global Financial Markets professionals are located in key financial centers across the U.S., Europe, and Asia-Pacific. We are a global company capable of conducting transactions wherever our clients are―and we accomplish that by deploying experts in every business we serve. For more information about CSC’s services, visit cscgfm.com.
TCS is a leading and reputable service provider in the Netherlands that offers fund-administrative and depositary services to asset managers of alternative investments. Services by TCS are characterized by long-term customer relationships, a stable workforce and first in class systems. While asset managers can concentrate on their core tasks, TCS assures smooth and compliant operations on the background. TCS takes great pride in being the largest non-banking depositary service provider in the Netherlands; as a depositary TCS actively communicates with its clients so as to add real value to its operations, while securing proper fulfilment of all legal requirements. TCS holds licenses from the Dutch Central Bank (DNB) as well as from the Authority Financial Markets (AFM). For more information about TCS’s services, visit www.tcs-groep.nl.
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