Private equity firm Silverfleet Capital has merged its portfolio company Microgen Financial Systems with Touchstone Wealth Management to create a business which will provide technology to the Trust and Corporate Services market.
Silverfleet acquired Microgen in May 2019 with the ambition of building a platform in the Trust and Corporate Services market through accelerated organic growth and M&A.
The merged group, whose new name will be announced in due course, will have a combined workforce of over 150 people, with offices in Jersey, Guernsey, Cyprus, Singapore, Australia and the UK. Microgen and Touchstone will continue to operate as two separate divisions with investment and product development continuing in their core products, NavOne and 5Series.
Keith Hale, the former CEO of Multifonds, a software provider in the fund administration sector, is joining as Executive Chair to run the combined group.
He said: “The fiduciary, trust and corporate services market is now going through a similar change to the one I witnessed previously in the mutual fund administration market. The need for innovative, resilient and modern technology will be increasingly critical to the successful service providers in this market.”
David MacKenzie, Partner at Silverfleet Capital, added: “The enlarged group will combine the best of both firms to set a new benchmark in functionality and client service across the globe to serve this growing and consolidating sector.”