Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:An Asset Manager Sells Its Fund Services Arm Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, June 27, 2016

An Asset Manager Sells Its Fund Services Arm

Reported by Neil Anderson, Managing Editor

A Midwestern, publicly-traded asset manager is selling its third-party fund services mutual fund support unit to an independent shop in New England.

On Thursday Richard Berthy and David Whitaker (CEO and president, respectively, of Portland, Maine-based Foreside Financial Group) unveiled a deal to buy Columbus, Ohio-based Beacon Hill Fund Services from Diamond Hill Investment Group [profile]. The deal is expected to close on July 31, and terms were not disclosed.

MFWire could not immediately reach Diamond Hill CEO Chris Bingaman or a Diamond Hill spokesperson for comment on the deal.

Beacon Hill's team of 22 supports 19 clients, 144 funds, and $28.6 billion in combined assets. Steve Mintos, president of Beacon Hill, confirms that his entire team will be joining Foreside.

"Everybody's going," Mintos tells MFWire. "The whole team is part of the deal."

Foreside's B-Ds serve as the distributor for more than $800 billion in combined assets, and it has offices in Berwyn, Pennsylvania and Boston, Massachusetts, as well as Columbus and Portland. Once the deal closes, Foreside will have about 150 people in total. Foreside first launched in 2005.

Both Beacon Hill and Foreside offer the following services to mutual funds: distributor (Foreside will have 18 broker-dealers once the deal closes), compliance (including providing funds with a chief compliance officer), finance (including providing funds with a chief financial officer), business management, and corporate governance. (Beacon Hill and Foreside do not handle fund accounting, custody, or transfer agency.)

Berthy praises the Beacon Hill team as "some of the industry's most experienced professionals."

"Foreside and Beacon Hill share a strategic vision to broaden our scope of products and services, and to enhance our core services for investment managers and their funds, in both the U.S. and offshore markets," Berthy states.

"We've known them for years," Whittaker tells MFWire. "We share a strategic vision and culture and provide many of the same products and services."

"They're a great firm, the leader in the marketplace. What's not to like about that?" Mintos says of Foreside. "Some of our folks and some of their folks have worked together with joint clients in the past, in previous lives. There was a ton of synergy."

"We were at a stage in our life where we needed to be serious about what what we were doing next," Mintos adds, saying that it's very important to the Beacon Hill team "to be independent and objective."

"We're going to a company that's in the same space that we are, that's independent," Mintos adds.

Diamond Hill created Beacon Hill about eight years ago, first to support Diamond Hill's own funds.

"They'll continue to be a client," Mintos says of Diamond Hill, "They see the need for us to go to the next step."

The Beacon Hill team and Foreside's Columbus team, about 30 people in total will combine in a new office space in Columbus suburb Gahanna, in the same building as Foreside's current Columbus office. And that new office space, Mintos says, will provide space for Foreside to expand out to 45 or more people in the Columbus area.

Once the deal closes, Mintos confirms that the Beacon Hill Fund Services brand "will go away." And, the Beacon Hill team will be integrated into the rest of Foreside.

Check back for more updates as this story develops. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

3.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. Nicsa webinar - New research by Alex Edmans and the Diversity Project - The Power of diverse thinking: How the best teams make decisions, July 1
  2. MFDF Director Discussion Series - Open Forum, July 9
  3. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  4. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  5. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  6. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  7. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  8. MFDF webinar - ETF Conversions, July 17
  9. MFDF Director Discussion Series - Open Forum (New York), July 22
  10. MFDF Ask Anything webinar - AI Edition, July 24
  11. MFDF webinar - Use of Derivatives by RICs, July 29
  12. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  13. Samfund Soiree Boston 2025, August 21
  14. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  15. ICI ETF Conference, Sep 8-10
  16. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  17. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  18. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  19. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  20. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  21. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  22. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  23. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  24. 10th annual Fuse Forum, October 8
  25. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  26. 2025 MMI Annual Conference, Oct 15-17




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use