13th Jun 2007 14:52
IFG Group PLC13 June 2007 IFG GROUP PLC IFG Group plc is pleased to announce that it has today acquired, through itssubsidiary IFG Fund Administration Holdings Limited ('IFG Holdings') the entireissued share capital of Northern Trust International Fund AdministrationServices (Isle of Man) Limited ('NTIoM'), a company based in Douglas, Isle ofMan. NTIoM has been acquired from Northern Trust GFS Holdings Limited, part ofthe Northern Trust Corporation. NTIoM is an established fund administration business and provides companyadministration and personal trust services for a range of Isle of Man fundstructures and private clients. The services provided to fund administrationclients includes fund accounting, financial accounting, transfer agency andcorporate secretarial services. NTIoM has seventeen permanent employees. The consideration is Stg£3,229,751 (€4,777,738) all of which has been satisfiedin cash upon completion. The corporate and trustee clients of NTIoM will be integrated into IFG'sexisting Trustee and Corporate Services Division. The fund administrationbusiness will operate separately and will be managed by four senior directorsrecently recruited from a major bank lead fund administration business. Thisacquisition will consolidate IFG's position as one of the leading independentinternational corporate service providers. In the year ended 31 December 2006, the last date to which audited accounts wereprepared, NTIoM had total turnover of Stg£3,127,903 and total profit on ordinaryactivities before tax of Stg£1,010,554. Net assets acquired on completion wereStg£1,300,000. 13 June 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ifg