EQT Holdings, the parent of Equity Trustees, has agreed to acquire a 60% stake in UK-based fund governance provider Treasury Capital for an undisclosed sum.
In the UK, Treasury Capital offers authorised corporate director (ACD) services. The company also offers UCITS management company solutions via its affiliate Treasury Capital Fund Solutions in Ireland.
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EQT will purchase DMC Capital Partners’ interests in Treasury Capital of ordinary equity, and part of the ordinary equity of the founding management team.
Treasury Capital’s remaining 40% stake will continue to be held by its founding management team James Gardner, Kevin Lavery and Leanne Isaacs.
Equity said that the deal, expected to be concluded next month, will offer it a platform to grow its fiduciary services in London.
The deal, which secured approval of the financial Conduct Authority, will be financed by Equity’s existing cash and debt facilities.
Equity said that the deal is not material and will contribute to earnings in 2018.
Equity Trustees managing director Mick O’Brien said: “This acquisition is the first step in our plan to expand our corporate services into the global market, including the important UK and European markets which are global fund management centres, and Asia, where UCITS vehicles are the dominant offshore structure used by most global funds managers.”
