In a significant move to bolster its North American operations, global investor services group IQ-EQ has acquired South Watch, a provider specializing in fund administration and tax preparation services for clients in the US and Cayman Islands. This acquisition, backed by European private equity firm Astorg, represents a strategic expansion into the Boston market, further solidifying IQ-EQ's footprint in the region.
Founded in 2016 by industry veterans Paul Timmins and David Loescher, South Watch has established itself as a key player in hedge fund administration. Kirby Richards joined the leadership team in 2017, enhancing the firm's management capabilities. The acquisition from Everlane Equity Partners, along with principal employee shareholders, marks a pivotal integration into IQ-EQ's expanding US operations. Although the financial terms of the deal remain undisclosed, the transaction underscores a robust commitment to enhancing IQ-EQ's comprehensive client services in the United States.
The integration of South Watch into IQ-EQ's brand will commence immediately, as confirmed by the firm in a recent statement. Mark Pesco, IQ-EQ's Group CEO, emphasized the strategic value of the acquisition, stating, "South Watch's reputation and expertise in hedge fund administration make them the perfect addition to our US business. This move further enhances our comprehensive client offering." IQ-EQ's presence in the US now boasts over 630 professionals across 14 offices nationwide, reflecting a growing client base and a deepened commitment to delivering exceptional service.
Leadership transitions accompanying the acquisition will see Paul Timmins assuming the role of Head of Product, Liquid Funds, while Kirby Richards and David Loescher will become Co-Heads of Fund Administration, Liquid Funds. This continuity in leadership ensures that South Watch's operational expertise and client relationships will remain intact, facilitating a seamless integration into IQ-EQ's broader strategic vision.
Looking ahead, IQ-EQ's acquisition of South Watch is more than a mere expansion; it is a calculated move aligning with the firm's North American wealth strategy, particularly in servicing family offices. Chip Martin, President of Private Wealth, US, highlighted the firm's commitment to its clients and the anticipated growth in its offerings. Following this transaction, IQ-EQ's global workforce will approach 6,000 employees across 27 jurisdictions, administering assets exceeding $750 billion. This acquisition complements IQ-EQ's existing portfolio, which includes entities such as First National Trustee Company, The Private Office, AGAMA Group, and AMAL.
As IQ-EQ integrates South Watch into its operations, the firm is poised to deliver even greater value to its clientele, leveraging enhanced capabilities and a strengthened market presence. The acquisition reinforces IQ-EQ's strategic objective to be a leader in global investor services, providing high-net-worth individuals and institutional advisors with unparalleled expertise and resources.
(Editors: admin)