TMF Group enters an agreement to acquire Brazil-based FIDD Group
TMF Group, a leading provider of global administrative services, including fund accounting and administration, today announced it has entered into an agreement to acquire FIDD Group, a full-service outsourced fund administration provider based in Brazil.
The operation is subject to regulatory approval by Banco Central, with completion expected in 2024.
As a result, TMF Group will administer more than €200bn worth of assets on behalf of its global fund manager client base.
Founded in 2019, FIDD focuses on the administration, control, custody and distribution of investment funds. The deal will let TMF Group administer an additional client base that includes more than 70 funds.
The deal represents a strategic step in TMF Group’s expansion in the Latin American market and follows the acquisition of Paraty Capital, a Brazilian fund administration platform focused on private equity, real estate, infrastructure, venture capital and private debt funds, in January 2022. Over recent years, TMF Group’s fund services practice has increased its capacity via several acquisitions in the US, EMEA and APAC.
This deal reflects how attractive the market is in Brazil. This is our second Brazilian acquisition in the fund administration space and besides bolstering our presence in South America and complementing our existing footprint, it will expand our offering to our national and international clients with interests in the region.
During the period of approval by the Central Bank, FIDD will operate normally. After the completion of the acquisition, clients will have a more robust structure to rely on. Together, TMF Group and FIDD will be stronger, providing greater security and efficiency.
Giampaolo Arghittu, Senior Global External Communications Manager, TMF Group
Tel: +39 3349479584
Pedro Salmeron, CEO and co-founder, FIDD Group
Tel: +55 11 2391 4181
About TMF Group
TMF Group is a leading provider of critical administrative services, helping clients invest and operate safely around the world. With more than 10,000 colleagues across 125 offices in 86 jurisdictions, all working to the same high standards of service and security, we provide our clients with local expertise where it is needed most. Our locations cover 92% of world GDP and 95% of FDI inflow. We are a key part of our clients’ governance, providing the accounting, tax, payroll, fund administration and legal entity management services essential to their success. We make sure rules are followed, reputations protected and operational compliance maintained. We serve corporates, financial institutions, asset managers, private equity and real estate investors, and family offices. Our clients include the majority of the Fortune Global 500, FTSE 100 and top 300 private equity firms.
We make a complex world simple : www.tmf-group.com
About FIDD Group
FIDD is a Financial Services Company founded in 2019 with the aim of raising the bar in the provision of services to investment funds. FIDD wants to bring more transparency and apply effective innovation to enable the safe and accelerated growth of the capital market. In addition, it seeks to reduce bureaucracy by automating operational processes, using its time to do what must be done: diligence, control and fiduciary. This way, customers and partners can focus on their purpose, without overlapping activities, rework and insecurity. For this, it has excellent professionals with experience from academic to market, and especially with the will to build and do different and better. FIDD Group is authorized by the CVM to act in Fiduciary Administration and Controllership of Funds in Brazil. FIDD is affiliated with and adhering to Anbima's relevant self-regulatory codes. https://www.fiddgroup.com/