Gentoo Fund Services has expanded into Europe with the acquisition of SHRM Financial Services (Luxembourg), a Luxembourg-based provider of fund administration and domiciliation services.
Having gained regulatory approval, the 13 strong Luxembourg team will continue to serve existing clients, supported by Gentoo’s 29 employees based in Guernsey. The company will be renamed Gentoo Financial Services (Luxembourg).
The acquisition increases the group’s assets under administration to USD15bn. In addition to offering specialist administration services for private equity and family office structures, the Gentoo group also includes Gentoo Depositary Services Limited – the first non-financial asset depositary established in Guernsey under the AIFMD Rules, 2013.
Managing Directors of Gentoo, Nick Degnen and Christine Whitehorne are delighted with the expansion of the group. Degnen. says: “Our specialised expertise, independence and high quality service have been positive factors in our continued growth and we are pleased to take the next step in the development of Gentoo Fund Services. Luxembourg has always been a logical extension to the group’s fund administration offering, and by having a physical presence there, we are now able to offer our clients another first-class location in which to do business.”
Whitehorne adds: “By acquiring SHRM in Luxembourg, we have added strength to the services and the skills we offer our clients. Our Luxembourg office’s business focus will include fund administration, domiciliation and fiduciary services and both offices will work closely together to provide a seamless service to our clients.”
Alex van Zeeland, Managing Director of the new Luxembourg Gentoo offices, says: “This is an exciting development for both ourselves, our clients and Gentoo in Guernsey. We’re pleased to be a part of such a professional and progressive business. The team in Luxembourg are very much looking forward to growing our service offering and also playing an active role in Gentoo’s future success.”