Asset management service provider Waystone has bought fund administrator and fiduciary services provider Centaur Group.
Waystone writes that the transaction will significantly broaden its service offering to asset managers and their investors and represents the first time a leading third-party management company (“ManCo”) has moved to integrate a fund administrator to complement its service offering versus the established route of fund administrators adding management company services.
As a result of the deal, Waystone will significantly increase its headcount based in Dublin and Centaur’s employees will join Waystone in its new headquarters. The firm says that together with the recently announced transaction with KB Associates and T Bailey, Waystone has increased its global headcount to over 800 employees with close to 500 of these being based in Ireland. Globally, Waystone will increase its North American footprint as a result of the deal with Centaur, the firm says.
Karen Malone, Global CEO and Founding Partner at Centaur says: “We are delighted to enter the next phase of growth by joining with Waystone. Our valued employees will remain with the combined business, continuing to deliver a high quality of service to all our clients.”
Derek Delaney, Global CEO of Waystone comments: “We are proud that Centaur has chosen to join Waystone as we emerge as the only truly international financial services firm to be headquartered in Ireland. The launch of our fund administration business means we are now unique in our field and can offer our asset manager clients a comprehensive and global suite of services.”
