Luxembourg-based financial service provider SGG have announced their intention to acquire Cim Global Business. The operation has an estimated cost of $90.3 million and will be completed by the second quarter of 2017 giving the group a joint workforce of more than 800 employees spanning five continents.
Cim Global Business – which has offices in Mauritius, South Africa and Singapore – is a renowned provider of corporate, fund administration, trust and fiduciary services as well as professional services outsourcing solutions to institutional investors, asset managers, private equity fund managers, development finance institutions, sovereign wealth funds, banks, hedge funds and high net-worth individuals.
With an increasing need for expertise in fund administration, the acquisition of Cim Global Business enables SGG group to strengthen its reach and existing capabilities in this growth market and become one of the global leaders in servicing its fund clients. To ensure the integration of both companies, Cim Global Business will be rebranded as part of SGG, allowing the combined group to pursue its business development strategy by expanding its range of services and geographies.
In 2016 SGG made a series of important additions worldwide such as the appointment of Helena Quinn as private equity leader in the UK office and Dominique Dubois as private equity leader in the Luxembourg office in January 2017. The group, which has offices in 20 countries, merged with the leading French-based fiduciary services provider, Equitis at the end of 2016.