The acquisition increases Trident’s global funds AUA to $62bn from 940 funds.

March 5, 2024 (Preqin News) – Global fund administrator Trident Trust has stepped up its alternative assets capabilities with the acquisition of Asia-based Tricor IAG (TIAG).

Formed in 2013 as a joint venture between Tricor and IAG Group, TIAG provides fund administration services to private equity and venture capital funds in Asia with total AUM of $12bn. The acquisition will increase Trident’s global funds AUA to $62bn from 940 funds, and all TIAG’s staff at its operations in Singapore and Hong Kong will transfer to Trident.

‘Growing our global fund services capabilities, particularly for private capital funds, is one of our core strategic priorities,’ said Markus Grossmann, Trident’s Regional Managing Director for APAC, Middle East, and Africa, in a statement. ‘We have been continuously investing in our technology and our team to expand the resources available to our clients, and the arrival of the TIAG team significantly accelerates that growth in Asia.’

As well as expanding resources, the acquisition greenlights a renewed focus on optimizing the firm’s technological capabilities. According to Raymond Page, Founder of TIAG, ‘Trident Trust is a dynamic and digitally progressive firm, and there is a clear alignment of our client service delivery ethos.’

The deal marks the latest geographical expansion at Trident. It announced the opening of a new office in Spain in May. It increased its number of US locations to four earlier in 2023, with the opening of a Houston, Texas representative office.

The news follows the announcement on Monday from alternatives-dedicated administrator Alter Domus that private equity firm Cinven has acquired a stake in the company.

Under the terms of the deal, all existing shareholders in Alter Domus, including its founders and funds advised by private equity firm Permira, will sell approximately half of their shares to Cinven in a transaction that values Alter Domus at €4.9bn ($5.3bn). All existing shareholders will retain a ‘significant investment in Alter Domus going forward,’ Permira said.

Alter Domus’ CEO Doug Hart said the investment will help the firm accelerate its international growth, among other benefits.

‘Cinven shares our strategic vision and commitment to developing long-term technology-enabled partnerships with the leading alternatives firms globally through the delivery of operational and client service excellence,’ he said.

Since Permira’s investment in 2017, Alter Domus has increased revenue, employee numbers, and EBITDA fivefold. It currently has over $2.5tn AUA.

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