Standish expands alts presence in UK and Channel Islands
US fund administrator Standish Management has agreed to buy NCM Fund Services in a deal that will expand its alternatives business in the UK and the Channel Islands.
NCM, which has offices in Edinburgh, London, Jersey and Guernsey, provides fund administration services to alternative investment funds spanning private debt, private equity, venture capital, real assets and social impact.
Standish, which has around $900bn (£680bn) in assets under administration, said the acquisition will extend its alternatives footprint into Jersey and Guernsey while adding to its existing presence in the UK.
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“Bringing our firms together meaningfully expands our capabilities in the UK and the Channel Islands and creates a stronger platform to support our clients across Europe,” said Bob Raynard, chairman, chief executive and founder of Standish.
The deal will increase Standish’s team across Europe, the Middle East and Africa to more than 300 employees, serving around 190 clients across 750 fund structures.
It will also take Standish’s global team to over 1,300 across North America, Europe, Africa and Asia.
Both firms said the tie-up could create opportunities to introduce their clients to a broader range of services in Luxembourg and the US.
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The move comes as Standish looks to grow its European platform, including its existing operations in London and Luxembourg.
“We believe the combination will allow us to deepen our capabilities, support clients across additional jurisdictions and continue delivering the responsive, director-led service our clients expect,” said Kathleen McLeay, chief executive of NCM.
NCM’s management team will continue to lead the business and will reinvest a portion of their proceeds to become shareholders in Standish.
The acquisition will preserve the locally led service model of NCM, Standish said.
The transaction is expected to close later this year.
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