In a significant move within the financial sector, Gen II Fund Services (Gen II) has announced the successful completion of its acquisition of Crestbridge, marking a pivotal moment for both entities and the broader landscape of fund administration.
The strategic acquisition expands Gen II’s footprint in Luxembourg and augments its jurisdictional reach across the UK, Jersey, Ireland, and other international markets. This expansion significantly enhances Gen II’s global service capabilities, bolstering its product offerings and service reach on a global scale.
With this acquisition, Gen II’s assets under administration soar to nearly €1 trillion, solidifying its position as a formidable player in the industry. Moreover, the merger brings together a collective workforce of over 1,700 professionals, constituting one of the largest and most experienced fund administration teams in the market. Dean Hodcroft, former CEO of Crestbridge, assumes leadership of Gen II’s European operations, ushering in a new era of growth and opportunity for both organizations.
The integration of Crestbridge into Gen II’s operations signifies a strategic alignment aimed at delivering unparalleled value to clients. By leveraging Crestbridge’s expertise in private equity and real estate fund administration, Gen II enhances its service offerings, providing clients with an extensive array of options to support their success and expansion strategies.
Steven Millner, CEO of Gen II, emphasizes the significance of this milestone, stating, “The integration of the Crestbridge team and capabilities into Gen II marks a major milestone in achieving our goal to be the leading global private capital fund administrator. Blending Crestbridge’s private equity and real estate fund administration businesses with our service offerings provides our clients with many more options to support their success and growth.”
Dean Hodcroft, Gen II’s Head of Europe, echoes this sentiment, highlighting the commitment to further investment and expansion in the European market. “We look forward to continuing to invest in and expand our substantial European client footprint and bring clients a growing range of expert services,” Hodcroft affirms. “We look forward to empowering our unified teams to support international private fund managers through all stages of their fund lifecycles.”
In essence, the acquisition of Crestbridge by Gen II represents a strategic maneuver aimed at fortifying market presence, expanding service offerings, and delivering enhanced value to clients across the global financial landscape.
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