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Carlyle Group to acquire Conifer Financial Services

Alternative asset manager The Carlyle Group is to acquire a majority stake in assets services firm Conifer Financial Services. Senior management of Conifer will continue to lead the business and own a significant minority interest in the company. 

The transaction, terms of which have not been disclosed, is expected to close in the second quarter of 2015 subject to customary closing requirements and regulatory approvals. 

Conifer has broad experience in offering front-to-back capabilities across all asset classes for hedge funds, pensions, endowments, foundations, funds of funds and family offices, as well as private equity and venture capital. With more than 200 clients worldwide representing more than USD100 billion of combined assets under administration (AUA), Conifer currently ranks amongst the top fund administrators globally. With approximately 150% growth in AUA over the past three years, Conifer is believed to be one of the fastest growing fund administration platforms in the industry and credits its success to its superior client service offering, flexible technology and turn-key and customised solutions. 

Jack McDonald, Chief Executive Officer of Conifer, who will continue to lead the Company, says: "I'm excited to partner with Carlyle, a widely recognised world-class investor. Our clients and employees will benefit significantly from this partnership, which will enable us to fulfil our vision of becoming the leading, independent asset servicing business. The unparalleled breadth and depth of Carlyle's global platform will provide a solid foundation for our continued development and growth." 

William Vastardis, Chairman of Conifer, says: "Our clients have already benefited from the enhanced services created through our merger in 2014. With Carlyle's support and expertise, our continued investment in the platform will further enhance our ability to deliver powerful solutions and support to our clients, many of whom are adapting to the challenges imposed by a rapidly evolving operating environment." 

Olivier Sarkozy, Head of Carlyle’s Global Financial Services Fund, adds: “We are excited to partner with Jack, Bill and the entire Conifer management team. Conifer's mix of fund administration, middle- and back-office services, and outsourced trading platform, provides value to their clients far beyond what is typical in the sector. We look forward to working with Conifer as it continues to expand Conifer's leadership in innovative fund and asset services." 

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