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  3. Carlyle Group acquires Conifer Financial Services
Industry news

Carlyle Group acquires Conifer Financial Services


26 March 2015 New York
Reporter: Stephen Durham

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Image: Shutterstock
The Carlyle Group has agreed to acquire a majority stake in Conifer Financial Services LLC, an independent asset services firm.



Senior management of Conifer will continue to lead the business and own a significant minority interest in the company. The transaction, terms of which were not disclosed, is expected to close in the Q2 of 2015 subject to customary closing requirements and regulatory approvals.



In May 2014, The Conifer Group, LLC and Vastardis Capital Services Holdings LP merged their respective businesses to create Conifer Financial Services, now one of the world's largest independent asset services providers and outsourced trading platforms.



Conifer has experience in offering front-to-back capabilities across all asset classes for hedge funds, pensions, endowments, foundations, funds of funds and family offices, as well as private equity and venture capital.



Jack McDonald, CEO of Conifer, will continue to lead the company. McDonald said: "Our clients and employees will benefit significantly from this partnership, which will enable us to fulfil our vision of becoming the leading independent asset servicing business.”



William Vastardis, chairman of Conifer, added: "Our clients have already benefited from the enhanced services created through our merger in 2014.”



“With Carlyle's support and expertise, our continued investment in the platform will further enhance our ability to deliver powerful solutions and support to our clients, many of whom are adapting to the challenges imposed by a rapidly evolving operating environment."



Christopher Dodds, Keith Taylor and William Allen will join McDonald and Vastardis on Conifer’s board of directors.



Capital for Carlyle’s investment will come from Carlyle Global Financial Services Partners II, which invests in management buyouts, growth capital opportunities and strategic minority investments in financial services firms globally.
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