In a move signaling its commitment to expanding its footprint in the U.S. market, IQ-EQ, backed by European private equity firm Astorg, has acquired South Watch, a specialist in fund administration and tax services for clients in the U.S. and Cayman Islands. This acquisition enhances IQ-EQ's capabilities and strengthens its position in the competitive landscape of global investor services.
The strategic acquisition will integrate South Watch into IQ-EQ's operations, expanding its presence in the Boston area. South Watch, founded in 2016 by Paul Timmins and David Loescher, has built a reputation for expertise in hedge fund administration. The acquisition was facilitated by Everlane Equity Partners, the majority shareholder, along with principal employee shareholders. While the financial terms of the deal remain undisclosed, the move is set to bolster IQ-EQ's service offerings to an expanding client base across the U.S.
As part of the integration program, IQ-EQ plans to align South Watch with its brand immediately, further enhancing its comprehensive client offerings. Mark Pesco, CEO of IQ-EQ, emphasized the importance of South Watch's reputation and expertise in hedge fund administration, which will complement IQ-EQ's existing U.S. business. The integration is expected to increase IQ-EQ’s team in the U.S. to over 630 experts across 14 offices nationwide, promising a more robust service for high-net-worth individuals and institutional clients.
The leadership team of South Watch, namely Paul Timmins, Kirby Richards, and David Loescher, will continue to spearhead the business. Timmins will assume the role of head of product, liquid funds, while Richards and Loescher will become co-heads of fund administration, liquid funds. This continuity in leadership aims to maintain the high standards of service and expertise South Watch clients have come to expect.
With this acquisition, IQ-EQ's North American strategy is set to evolve further, focusing on providing tailored services to family offices and other wealth management entities. Chip Martin, President of Private Wealth, U.S., highlighted IQ-EQ’s dedication to enhancing its offerings for these clients, leveraging the expanded capabilities brought about by South Watch.
Looking ahead, IQ-EQ’s acquisition of South Watch is poised to contribute significantly to its global workforce, expanding to nearly 6,000 professionals across 27 jurisdictions and administering assets totaling over $750 billion. This strategic move not only underscores IQ-EQ’s expansion ambitions but also its commitment to delivering excellence in investor services worldwide. As IQ-EQ continues to integrate South Watch, the focus will remain on optimizing service delivery and expanding its reach in the global wealth management and offshore banking sectors.
(Editors: admin)