TMF GROUP GLOBAL INDEPENDENT ADMINISTRATORS

Acquisition of the Company Secretarial Services from Ernst & Young

Ernst & Young are delighted to announce the sale of their Company Secretarial and Trust & Accounting Practices to the International Professional Services firm TMF. Over the last 12 months, the regulatory requirements on auditor independence, both in the UK and globally, have adversely affected the growth opportunities and the ability for both these practices to offer a full range of client services. Ernst & Young is the first amongst the major Professional Services firms to proactively react to this changing market. Jarrod Simpson who has led Ernst & Young's Company Secretarial Practice for the last 8 years will head up the new Global Secretarial Service Line at TMF. The practices, composed of 43 former Ernst & Young professionals based in London and Luton, with a further 100 individuals around the world, join TMF which has over 1600 employees in 50 jurisdictions specializing in Company Secretarial, Payroll and Accounting outsourcing to global multinationals.