Asset management service provider Waystone has announced that it has entered into an agreement with T. Bailey Holdings Limited to acquire T. Bailey Fund Services (TBFS). The aim is to strengthen its presence in the UK Authorised Corporate Director (ACD) market.
TBFS, based in Nottingham, is an independent, fully-hosted ACD and fund administration service provider to the UK fund management industry, with more than 15 years’ experience in running and administering funds. By coming together with TBFS, Waystone is attempting to grow its ACD capabilities in the UK with the addition of a well-regarded, comprehensive and premium service provider.
As part of Waystone, the TBFS team will focus on the continuity of its existing offering, whilst also being able to service its delegated fund managers with a wider pool of resources and expertise. Waystone’s knowledge and resources will provide TBFS with enhanced compliance systems and resources to further support its oversight of current and emerging regulatory issues and developments, with its delegated fund managers gaining access to a multi-jurisdictional offering and an institutional-quality fund services provider.
Together, Waystone and TBFS will have ACD-related assets under oversight in excess of £10 billion.
Jessica Kirk, chief executive of TBFS commented, “The agreement with Waystone provides TBFS with a solid foundation for future growth. TBFS operates in a rapidly-changing industry and maintaining a service that remains both relevant and high quality takes a great deal of investment. High-quality personnel, compliance and operations are critical to ensuring our service proposition continually improves.
Our delegated fund managers place great value on TBFS’s personal service proposition, and we are delighted to have found in Waystone a collaborative partner that shares this vision. Our clients will continue to be serviced from our Nottingham office and the TBFS management team will all join the Waystone ACD Senior Management team.”
Rachel Wheeler, managing director, Europe of Waystone, added, “The addition of TBFS means we will be able to offer our clients a premium, fully-serviced ACD offering. This combination demonstrates our commitment to the UK market and allows us to serve more clients in a high-quality way with an established and trusted entity that has over 50 employees and a growing, first-class client base.”
Completion of the transaction is conditional on FCA approval.
