Transaction expands fund services capabilities in Europe
WILMINGTON, Del.–(BUSINESS WIRE)–#businessbehindbusiness–CSC, the world’s leading provider of business, legal, tax, and digital brand services, is pleased to announce its completed acquisition of TCS-Groep (TCS), a Netherlands-based service provider for alternative investment funds (AIFs). The acquisition was first announced November 4, 2019, and was finalized with regulatory approval March 31, 2020.
The acquisition of TCS extends CSC’s capabilities for alternative investment managers and gives it a physical presence in another leading European financial center. CSC’s other European offices serving fund managers are in London, Luxembourg, and Dublin. The acquisition follows several strategic hires and investments CSC recently made, including the organic recruitment and set-up of its Fund Administration business in the U.S. and APAC markets.
“Beyond extending our capabilities in Europe, this acquisition reinforces our competitive advantage of being a privately held and independent service provider,” says CSC Senior Vice President John 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 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 every day, but even more so during these challenging times across the globe.”
Founded in 1991 and headquartered in Maarsbergen, Netherlands, 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 administers more than €6,8 billion in assets on behalf of its clients. TCS provides back office, compliance, accounting, tax, representation, and domiciliation services to funds based in the Netherlands, and is the largest non-banking depositary in the Netherlands.
“With the merger complete, together we’ll further accelerate our success in building the highest quality fund services business in the Netherlands and beyond. Working alongside the CSC team up until the moment of the merger has further strengthened my belief that CSC and TCS are the right match for this business,” says Birgitte van den Broek, CEO of TCS-Groep. “Our partnership reinforces the same commitment to service excellence that our clients have come to expect, but will now offer global diversity that will prove beneficial during these uncertain times. 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.”
With this acquisition, Liam McHugh, managing director, will oversee CSC’s Fund Administration business in Europe. Rounding out CSC’s global fund administration footprint is Oleg Yablonovskiy, managing director in the U.S., and Agnes Chen, managing director in APAC. CSC has earned the trust of clients globally, and is the unwavering partner for over 60% of the top 100 global alternative asset managers.
“We’re excited to move forward as one team now that the acquisition is complete. The addition of TCS into our existing European business will provide further specialist expertise to our existing and new clients,” says Hebert.
TCS’s 26 staff across two offices will join CSC as part of the acquisition. 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 tcs-groep.nl.
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