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Friday, June 23, 2017|
An $800B Fund Servicer Expands After PE Swoops In
Freshly backed by private equity, Foreside Financial Group, the Portland, Maine-based financial services firm is looking to grow through hires and acquisitions. Lovell Minnick has officially acquired a majority stake in Foreside— the deal was announced in February and closed on June 1.
“We’re looking forward to growing with our new partners,” David Whitaker, President of Foreside, tells MFWire.
Whitaker says they have been hiring since before the deal closed and that he has plans to continue hiring across the board. So far this year, the team at Foreside has added a compliance officer, chief technology officer, and a deputy general counsel.
Whitaker also says he is interested in acquisitions if they present themselves.
“We’re looking to grow organically, and if we see potential liftouts we’ll pursue them,” Whitaker says.
Jason Barg, a key player in the deal and principal at Lovell Minnick, says he is ready to help Foreside with potential acquisitions.
“We think there are opportunities to acquire businesses here, and we can be instrumental to Foreside in identifying those opportunities and executing them,” Barg tells MFWire.
Foreside has no plans to change their leadership team or headquarters. Before the sale, Richard Berthy, CEO of Foreside, owned the majority stake of the company and he will remain a minority owner now that the deal has closed.
Foreside has around 145 employees and primarily provides regulatory compliance and distribution for investment management firms. Foreside currently services more than 300 clients and $800 billion of fund products.
Printed from: MFWire.com/story.asp?s=56505
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