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Standish to acquire Halsey
Posted on Thursday, 21 November 2019 14:10
Standish Management has agreed to buy Luxembourg-based fund and corporate services provider Halsey Group for an undisclosed sum.

The transaction, which will enhance the buyer’s service offering, remains subject to regulatory approvals.

Halsey will also change its name to Standish Management Luxembourg following closing.

Based in Strassen, the target provides specialised fund administration and corporate services worldwide.

Halsey’s customers include the likes of multinationals, private equity firms and investment funds, as well as high net worth individuals.

The group offering includes administrative, accounting and corporate secretarial services, as well as corporate tax return preparation, while it also assists in recruiting staff for clients.

As a result of the deal, Standish will gain access to Halsey’s customer base across the US and UK, while benefiting from the target’s expertise in private equity, venture capital and real estate funds.

Owen Kiely, head of the buyer’s Europe division, said the deal is part of its strategy to expand its offerings globally.

He added the addition of Halsey would better position the company to serve its existing and future clients in the region due to Luxembourg’s standing as the leading European domicile for alternative asset funds.

Standish provides specialised administration services for managers and general partners of private equity funds.

It has 12 sites across the US and manages over 1,200 entities.

Christophe Gammal, managing director of Halsey, noted the transaction would help the business create a leading European fund administration practice.

There have been 25 deals targeting third party administrators of insurance and pension funds announced worldwide since the beginning of 2019, according to Zephyr, the M&A database published by Bureau van Dijk.

In the biggest of these so far, and the only transaction in this sector worth more than USD 1.00 billion during the period under review, HealthEquity agreed to purchase US-based WageWorks for USD 2.00 billion.

Other targets included Link Administration Holdings, Mattioli Woods and Jaeger & Flynn Associates.

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