Russell Bedford International

Russell Bedford Isle of Man firm announces merger of fund services business

Press Release   •   Jul 04, 2013 14:45 BST

Russell Bedford's Isle of Man member, SMP Partners, has announced the merger of the businesses of SMP Fund Services Ltd with Chamberlain Fund Services Ltd.  The combined business will trade under the SMP Fund Services Ltd banner.
Chamberlain was set up in 2004 by its three principals, Keith Corkill, Elizabeth Tansell and Robert Eastham to provide high quality fund administration services to a global market.  Since 2004, Chamberlain has developed a globally focused client base and administers a wide range of funds investing in securities, derivatives, and private equity portfolios.  The combined businesses will administer a full range of Isle of Man fund types including Experienced, Specialist, Exempt, Regulated, AIM listed companies and overseas schemes as well as providing Isle of Man Managed Manager facilities.
This merger represents a joining together of two of the island's most respected fund administration businesses and demonstrates the ambition of SMP Partners to grow the Group both organically and through a targeted merger and acquisition strategy focussed on high quality businesses and management teams.  The merger represents a significant step forward for the Group in the development of its fund administration business.
Commenting on the merger, Steve McGowan, Chairman of SMP Partners said: “I am very pleased to announce this transaction which fits perfectly within our strategy for the growth and development of the Group.  Following the management buyout in 2007 we identified that fund administration business was complementary to the Group’s service offering and had significant potential for growth.  Recently, as the market has started to improve, we have seen an increase in client activity and new enquiries.  The merger with Chamberlain and their team will greatly enhance our fund administration credentials and service offering and bring very significant benefit and value to our current and future clients.
“The strategy behind this transaction is to reinforce the position of SMP Partners as one of the Isle of Man’s leading provider of professional services and provide additional resource and expertise to our Group to allow for further planned growth.
“Chamberlain is a highly successful business with a dedicated, highly professional and knowledgeable team.  Combine that with the expertise across our wider Group and we create a significant force in the fund administration industry – from specialist advice, tax and VAT consultancy, corporate services and provision of officers through to on-going administration, accounting and book-keeping – all delivered seamlessly.  In summary, our fund administration business is now positioned to offer the most knowledgeable and comprehensive service available.”
Keith Corkill and Liz Tansell, Directors of Chamberlain, commented: “We are delighted to have concluded this deal with SMP Partners which we consider will create one of the Isle of Man’s leading providers of fund administration and professional services.  SMP have been professional and sensitive to the needs of the clients and employees of Chamberlain and we look forward to working with the SMP team.”
ENDS
Notes for Editors


About SMP Partners
The SMP Partners Group is one of the Isle of Man’s leading providers of professional services and now employs over 160 people.  With roots stretching back to 1980, the Group offers corporate, trust, accounting, tax, fund administration and capital market related services to a well-established portfolio of international corporate, private and professional clients.  Independently owned by its directors, the Group was established following a management buyout in June 2007.
About Russell Bedford International
Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants.  Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 280 offices in more than 90 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific.  Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.

Contacts:
Steve McGowanChairman, SMP Partners GroupT: +44 1624 683229E: steve.mcgowan@smppartners.com
Liz TansellDirector, Chamberlain Fund ServicesT: +44 1624 641563E: etansell@chamberlainfs.com
Kempton Bedell-HarperMarketing Director, Russell Bedford InternationalT: +44 20 7410 0339 E: info@russellbedford.comW: www.russellbedford.com