Marco Cipolla, Managing Director of Selectra;
TMF Group and Farad Group have jointly announced the signing of an agreement for the acquisition of Luxembourg-based Selectra Management Company by TMF Group from Farad Group.
Completion of the transaction is subject to regulatory approvals from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Selectra Management Company is a regulated management company based in Luxembourg servicing both alternative investment funds (AIFs) and Undertakings for the Collective Investment in Transferable Securities (UCITS). Created in 2013 as part of the service delivery platform Farad Group, Selectra offers a wide range of services acting as an independent professional partner for the creation, management and distribution of AIFs and UCITS for European and non-European promoters.
The strategic acquisition of Selectra forms part of TMF Group's expansion of its fund services business. Selectra's expertise and service offering will complement TMF Group's fund activities in Luxembourg.
Frank Welman, regional head for TMF Group, commented: "We're delighted to welcome Selectra, their staff and their clients to TMF Group. Selectra is a well-established management company with the experience and the licenses to provide all the services that their clients – and our clients – require. This will be a huge step forwards for our organisation".
Marco Cipolla, Managing Director of Selectra, added: "We are happy that Selectra has been chosen by TMF for its excellence in the market and becoming part of TMF Group gives our clients access to the services and reach of a firm with a footprint in 80 countries worldwide. Together, we will be best positioned to meet our clients' needs and enable them to focus on their core investing activities while being able to rely fully on a first-class partner for their funds".
The sellers were assisted by Deloitte Luxembourg (M&A advisor) and Volckrick & Associates (legal advisor) for this transaction. TMF Group was assisted by Allen & Overy (legal advisor) and PwC Luxembourg (financial and regulatory due diligence).
