CSC, a Wilmington, DE-based provider of business, legal, tax, and digital brand services, completed the acquisition of TCS-Groep, a Maarsbergen, Netherlands-based service provider for alternative investment funds (AIFs).
The amount of the deal, first announced November 4, 2019, and finalized with regulatory approval March 31, 2020, was not disclosed.
The acquisition of TCS extends CSC’s capabilities for alternative investment managers and gives it a physical presence in another leading European financial center. CSC’s other European offices serving fund managers are in London, Luxembourg, and Dublin. The deal follows several strategic hires and investments CSC recently made, including the organic recruitment and set-up of its Fund Administration business in the U.S. and APAC markets.
Founded in 1991 and led by Birgitte van den Broek, CEO, TCS offers fund administration and depositary services for alternative asset managers with a focus on real estate, private equity, private debt, and social impact funds, and administers more than €6,8 billion in assets on behalf of its clients. TCS provides back office, compliance, accounting, tax, representation, and domiciliation services to funds based in the Netherlands.
With this acquisition, Liam McHugh, managing director, will oversee CSC’s Fund Administration business in Europe. Rounding out CSC’s global fund administration footprint is Oleg Yablonovskiy, managing director in the U.S., and Agnes Chen, managing director in APAC. TCS’s 26 staff across two offices will join CSC as part of the deal.
CSC is a provider of specialized administration services to alternative asset managers across a range of fund strategies, capital markets participants in both public and private markets, and corporations requiring fiduciary and governance support. It serves 90% of the Fortune 500®, nearly 10,000 law firms, and more than 3,000 financial institutions. CSC’s Global Financial Markets professionals are located in key financial centers across the U.S., Europe, and Asia-Pacific.