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ZEDRA Completes US, Curaçao-Based Fund Services Deal
Editorial Staff
7 November 2022
ZEDRA has won regulatory clearance to complete its purchase of Curaçao and US-based Atlas Fund Services, a privately held, fully licensed, and industry-recognized investment fund administrator. “This acquisition propels ZEDRA forward in becoming an international leader in the funds services industry. We expect to grow our presence in the US exponentially over the near future, leveraging Atlas’ know-how and resources,” Wim Ritz, ZEDRA global head of funds, said.
The Central Bank of Curaçao and Sint Maarten approved the transaction.
Founded in 2006, Atlas Fund Services provides alternative investment fund services to US-based investment managers from its offices in Charlotte, North Carolina as well as Curaçao. Atlas Fund Services also services clients located in Europe and throughout Latin America. Its client base includes emerging and seasoned funds, spanning private equity and hedge funds.
ZEDRA’s purchase adds fund services in the US to its roster of offerings and enhances its Latin American business lines.
The deal follows the acquisition earlier in 2022 of US-based Axelia Partners, a provider of global expansion services with offices in Boston and New York, as well as BFCS, previously the fund and corporate services arm of Banque Internationale à Luxembourg.
Earlier this year, ZEDRA reached an agreement to receive a strategic minority investment from British Columbia Investment Management Corporation, one of Canada’s largest institutional investors, investing in trustworthy businesses for a long-term.
ZEDRA was created as a standalone business via the spinoff of Barclays’ trusts business – an example of banks divesting trusts and fiduciary arms in recent years.
There has been plenty of M&A activity in the funds, administration and corporate services space in recent years. In 2020 JTC, the international provider of fund, corporate and private client services, bought New York Private Trust Company, a Delaware-chartered non-deposit trust company. JTC also bought NES Financial, a US-based fund administration services business. In March 2020, JTC acquired Sanne’s private client business. In November 2021, IQ-EQ bought Greyline Partners, LLC, a US provider of governance and regulatory compliance solutions for private equity and venture capital funds, hedge funds and investors.The acquisition followed those of Constellation Advisers and Concord Trust Company the same year.