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Waystone buys T. Bailey Fund Services and KB Associates  

Waystone has acquired T. Bailey Fund Services Limited (TBFS), strengthening its presence in the UK Authorised Corporate Director (ACD) and fund administration market and increasing its ACD-related assets under oversight to in excess of GBP10 billion.

July saw ETF Express report on the launch of Waystone ETFs, a white labelling business for European ETFs.

Waystone launches ETF white labelling business

The firm writes that the recent high demand for UK domestic products has driven the UK funds industry to promote growth and opportunity to firms that offer both substance and rigorous controls following significant upheaval resulting from Brexit and the demands from a continually evolving UK funds landscape.

Nottingham-based TBFS, is an independent, fully-hosted ACD and fund administration service provider with more than 15 years’ experience in running and administering funds. By coming together with TBFS, Waystone writes that it continues to grow its ACD capabilities in the UK with the addition of a well-regarded, comprehensive and premium service provider to meet the needs of its clients alongside growing market demand.

As part of Waystone, the TBFS team will focus on the continuity of its existing premium offering, whilst also being able to service its delegated fund managers with a wider pool of resources and expertise. Waystone writes that its wealth of knowledge and resources will provide TBFS with enhanced compliance systems and resources to further support its oversight of current and emerging regulatory issues and developments, with its delegated fund managers gaining access to a multi-jurisdictional offering and an institutional-quality fund services provider.

Jessica Kirk, CEO of TBFS says: “The agreement with Waystone provides TBFS with a solid foundation for future growth. TBFS operates in a rapidly-changing industry and maintaining a service that remains both relevant and high quality is key. Experienced personnel, compliance and operations are critical to ensuring our service proposition continually evolves with the needs of the market. TBFS and Waystone have a great deal in common in terms of vision and culture. Our clients will continue to be serviced from our Nottingham office and the TBFS management team are excited to join the Waystone UK Senior Management team. We look forward to working together to provide the UK funds industry with a high-quality and personal service proposition.”

Rachel Wheeler, CEO Global Management Company Solutions, says: “The addition of TBFS means we are able to offer our clients a premium, fully serviced ACD offering built on robust foundations, allowing us to meet the growing demand from the UK funds industry looking to launch domestic products. This combination demonstrates our commitment to the UK market and the importance we see for it in the global fund industry. The combined personnel will exceed 70 employees working together to support an exceptional and growing client base.”

In other news this week, Waystone announced the closure of the transaction resulting in KB Associates joining the Waystone Group.  As result of the transaction, Waystone has added 90 new team members and will now support European management company assets exceeding USD300 billion.

Waystone writes that the agreement makes it the largest UCITS fund management company in Ireland and Europe’s leading management company.

Following the finalisation of the deal, KBA will be joining Waystone as they both relocate to a new Dublin headquarters following Waystone’s agreement to lease 52,000 sq ft of workspace at 35 Shelbourne Road, Dublin 4.

Waystone will take four floors of the building in order to accommodate its 600-strong Dublin workforce based in the city and is expected to occupy the building at the end of Quarter 4,2022. 

Derek Delaney, Waystone Global CEO, commented on the deal: “KB Associates has been the pre-eminent provider of governance and compliance services in Ireland for almost 20 years. We are delighted that KBA has chosen to join our institutional partnership and we look forward to welcoming 90 talented new colleagues as part of the Waystone family. Our new headquarters at 35 Shelbourne Road is a collaborative and technically advanced space that has the benefit of being flexible enough to adapt to our future needs as we continue to grow.”

Andrew Kehoe, KBA CEO says: “By joining the Waystone Group, which has offices in fifteen locations across the globe, we will be able to offer our international clients a single global solution to meet their complex regulatory and governance requirements.  We are delighted to be joining the Waystone team at our new headquarters in Dublin as 2022 draws to a close.”

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