The merger between Microgen and Touchstone will result in a new brand and new business, named TrustQuay.

TrustQuay will serve more than 450 clients and 15,000 users in over 30 jurisdictions. It has nine offices worldwide and is present also in key markets such as the UK, Singapore and Australia.

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As the firms integrated into TrustQuay, it also signed a number of deals. It signed two major agreements and started executing global rollouts with IQ-EQ and Ocorian. Furthermore, it signed six deals with specialist providers including DTOS, Schindlers and Isles of Knight.

Keith Hale, executive chairman of TrustQuay, said: “I see a once in a generation change in the corporate services, trust and alternative fund administration market, with the industry players either growing by consolidation or specialising in niche areas. Both drivers will act as a catalyst for a period of rapid digitalisation and the need for automation across the industry.

“We expect to see the biggest upheaval the sector has seen in the past 25 years and our prediction is that in the next five years the industry will shrink from thousands of players to hundreds, coalescing around a group of global players, surrounded by smaller specialist firms.

“In tandem, the corporate services, trust and alternative fund administration market has started to shift from a relatively sedentary industry from a technology perspective to one that is now being pushed to change by their clients and regulators alike, as well as rapidly changing business models.”

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He added: “I believe TrustQuay is uniquely placed with a strong product range, modern technology stack, global coverage and targeted R&D spend in the corporate services, trust and alternative fund administration market. We have the necessary scale and structure to deliver the rapidly changing needs of the industry, either for large global service providers or smaller specialist firms, to drive innovation across all levels of the industry.”