Foreside acquires Beacon Hill Fund Services
Foreside Financial Group, a provider of distribution and compliance services for open- and closed-end funds, exchange traded products, commodity pools, private placements, investment advisers and registered broker-dealers, has acquired Beacon Hill Fund Services,
Financial terms of the transaction, which is expected to close on 31 July, have not been disclosed.
In operation since 2008, Beacon Hill provides a variety of business management services to both US and non-US investment managers. With a staff of 22 professionals, Beacon Hill provides services to 19 clients with 144 funds and USD28.6 billion in assets.
“The acquisition of Beacon Hill brings together some of the industry’s most experienced professionals and enhances our management, services, and opportunities for growth. Foreside and Beacon Hill share a strategic vision to broaden our scope of products and services, and to enhance our core services for investment managers and their funds, in both the US and offshore markets,” says Richard Berthy, CEO of Foreside.
Added scale was an important factor in making the acquisition. Foreside and Beacon Hill provide many of the same products and services, such as an array of distribution services, fund officer services and regulatory and compliance consulting services.
“Investment managers in every market are increasingly seeking a focused, objective and independent partner to provide advice and customised solutions to all aspects of management, governance, and distribution to help grow their businesses. The combination of Foreside and Beacon Hill brings a robust organisation that works in concert with investment managers to build, manage, and grow their products and franchises. We believe these capabilities and our unique focus truly differentiate Foreside in the global marketplace,” says David Whitaker, President of Foreside.