TMF Group B.V. (Trust Management Finance) is a Dutch multinationalprofessional services firm headquartered in Amsterdam, Netherlands, providing accounting, tax, HR administration and global payroll services. As of October 2023, the company has 125 offices, 86 jurisdictions, and employs 10,000 people. It also has more than $215 billion in Assets Under Administration (AUA).[2]
In October 2008, Britishprivate equity firmDoughty Hanson & Co bought TMF Group for €750 million.[3] In January 2011, Doughty Hanson completed its €350 million acquisition of Equity Trust. This paved the way for TMF Group's merger with Equity Trust, which was completed at group level in June 2011.[5]
On 27 October 2017, TMF Group was acquired by Europe's largest private equity firm CVC Capital Partners for €1.75 billion.[7][8]
In 2018, the Dutch supervisor De Nederlandsche Bank (DNB) imposed a EUR 594,000 fine on TMF for insufficient due diligence in the management of an entity which lent US$850 million to Mozambique parties, earmarked for a tuna fishery. Loan funds were embezzled or used by Defence.[9] TMF Group's 2021 appeal against the ruling was unsuccessful.[10] In 2023 followed an EUR 3,125,000 fine for insufficient Customer Due Diligence; out of the eight investigated files seven were not in good order.[11][12]
^"Private equity firm CVC sells TMF Group stake to its own fund". Financial Times. 25 July 2022.
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TMF Group
May 08, 2024
group, this, article, uses, bare, urls, which, uninformative, vulnerable, link, please, consider, converting, them, full, citations, ensure, article, remains, verifiable, maintains, consistent, citation, style, several, templates, tools, available, assist, for. This article uses bare URLs which are uninformative and vulnerable to link rot Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style Several templates and tools are available to assist in formatting such as reFill documentation and Citation bot documentation August 2022 Learn how and when to remove this message TMF Group B V Trust Management Finance is a Dutch multinational professional services firm headquartered in Amsterdam Netherlands providing accounting tax HR administration and global payroll services As of October 2023 the company has 125 offices 86 jurisdictions and employs 10 000 people It also has more than 215 billion in Assets Under Administration AUA 2 TMF Group WorldwideIndustryProfessional servicesFounded1988 36 years ago 1988 HeadquartersAmsterdam NetherlandsKey peopleMark Weil CEO Patrick de Graaf CFO ServicesAccounting and reporting servicesRevenue 744 million 2022 1 Operating income 235 million 2022 199 million 2021 Number of employees9 100 2023 ParentCVC Capital PartnersAbu Dhabi Investment AuthorityWebsitetmf group comHistory editTMF Group was founded in the Netherlands in 1988 3 Between 2006 and 2009 TMF Group made 47 acquisitions including departments of Ernst amp Young KPMG Grant Thornton and Baker Tilly in countries like Brazil Argentina Mexico China and Australia 4 In October 2008 British private equity firm Doughty Hanson amp Co bought TMF Group for 750 million 3 In January 2011 Doughty Hanson completed its 350 million acquisition of Equity Trust This paved the way for TMF Group s merger with Equity Trust which was completed at group level in June 2011 5 In 2015 TMF Group acquired the Brazilian business process outsourcing unit from PwC including delivery centers in Barueri Rio de Janeiro and Ribeirao Preto providing business process outsourcing services in finance amp accounting human resources tax and compliance 6 On 27 October 2017 TMF Group was acquired by Europe s largest private equity firm CVC Capital Partners for 1 75 billion 7 8 In 2018 the Dutch supervisor De Nederlandsche Bank DNB imposed a EUR 594 000 fine on TMF for insufficient due diligence in the management of an entity which lent US 850 million to Mozambique parties earmarked for a tuna fishery Loan funds were embezzled or used by Defence 9 TMF Group s 2021 appeal against the ruling was unsuccessful 10 In 2023 followed an EUR 3 125 000 fine for insufficient Customer Due Diligence out of the eight investigated files seven were not in good order 11 12 In July 2022 CVC Capital Partners sold a near 50 per cent stake to the Abu Dhabi Investment Authority sovereign wealth fund which will take a seat on TMF s board The deal valued the company at about 3 billion 13 References edit TMF Group announces 2022 full year results Private Equity Wire a b Doughty Hanson to Acquire TMF for 750 million Doughty Hanson Retrieved 2013 09 11 TMF Group Acquisitions Bosco Conference Partners TMF Group Buys PricewaterhouseCoopers Brazilian BPO Unit TMF Group Acquired by CVC Capital Partners 27 October 2017 CVC Fund VII agrees to acquire TMF Group CVC Capital Partners SICAV FIS SA 27 October 2017 Dutch Company to Pay Fine for Facilitating Mozambique Debt Scandal Mozambique Dutch Company Fined for Role in Hidden Debts AllAfrica Retrieved 11 August 2021 Fine for trust office TMF Netherlands B V For insufficient customer due diligence https www dnb nl media asmjntwh boetebesluit tmf netherlands bv pdf in Dutch Private equity firm CVC sells TMF Group stake to its own fund Financial Times 25 July 2022 External links editTMF Group Retrieved from https en wikipedia org w index php title TMF Group amp oldid 1180871699, wikipedia, wiki, book, books, library,
