TMF Group, a leading provider of global administrative services, including fund accounting and administration, today announced it has entered into an agreement to acquire FIDD Group, a full-service outsourced fund administration provider based in Brazil.

The operation is subject to regulatory approval by Banco Central, with completion expected in 2024. 

As a result, TMF Group will administer more than €200bn worth of assets on behalf of its global fund manager client base.

Founded in 2019, FIDD focuses on the administration, control, custody and distribution of investment funds. The deal will let TMF Group administer an additional client base that includes more than 70 funds. 

The deal represents a strategic step in TMF Group’s expansion in the Latin American market and follows the acquisition of Paraty Capital, a Brazilian fund administration platform focused on private equity, real estate, infrastructure, venture capital and private debt funds, in January 2022. Over recent years, TMF Group’s fund services practice has increased its capacity via several acquisitions in the US, EMEA and APAC. 

Rodrigo Zambon, TMF Brazil Managing Director, said: “This deal reflects how attractive the market is in Brazil. This is our second Brazilian acquisition in the fund administration space and besides bolstering our presence in South America and complementing our existing footprint, it will expand our offering to our national and international clients with interests in the region”.

Pedro Salmeron, FIDD Group Founding Partner, commented: “During the period of approval by the Central Bank, FIDD will operate normally. After the completion of the acquisition, clients will have a more robust structure to rely on. Together, TMF Group and FIDD will be stronger, providing greater security and efficiency”.