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IQ-EQ acquires Constellation Advisers LLC
IQ-EQ, an Astorg portfolio company, is pleased to announce that it has completed the acquisition of Constellation Advisers LLC, an industry leading US co-sourced and outsourced investment management services provider, following receipt of all necessary regulatory approvals.
This strategic transaction cements IQ-EQ’s position as the most complete service provider to the niche community of alternative asset managers and follows closely on from its successful acquisition and integration of Blue River Partners LLC last year. The process of integrating Constellation Advisers into the Group’s US businesses will begin immediately.
Founded by Boris Onefater (CEO and co-founder) and Greg Farrington (President and co-founder), Constellation Advisers provides comprehensive customised solutions to a range of traditional and alternative investment management firms, including Private Equity, Real Estate, Private Credit, Venture Capital, Hedge Funds and Family Offices.
Employing 115 professionals located across its six US offices – New York (HQ), Dallas, San Francisco, Los Angeles, Chicago and North Carolina – Constellation Advisers provides a high-touch, customised, boutique-style service.
Following this acquisition, IQ-EQ’s newly combined US business totals more than 320 US-based employees with scale in regulatory compliance, fund administration and outsourced services, providing the Group with significant cross-sell opportunities and a solid footprint for continued future growth in the United States.
Services provided include:
- Outsourcing of accounting, CFO and financial services
- Outsourced COO services including middle office, operations and trade support mainly to the buy-side dealing with the public / liquid markets
- Compliance and regulatory services including programme design, surveillance and ongoing maintenance
- Business advisory and consulting services to support projects including fund set-up, due diligence, strategy development and wind-downs.
This acquisition confirms IQ-EQ’s commitment to the US market, the largest and fastest growing fund services and regulatory compliance market in the world, and takes the Group one step closer to achieving its strategic objective of becoming the leading independent investor services provider globally.
With immediate effect, Mark Fordyce, CEO of Blue River and IQ-EQ US Funds, will assume overall responsibility for the Group’s expanded US operations. Constellation Advisers co-founders, Boris Onefater and Greg Farrington, will assume the roles of Chairman, Global Head of Outsourced Services and President and Head of Outsourced Services, Americas, respectively.
IQ-EQ will retain the Constellation Advisers brand name in the short to medium term and will move to rebrand the business to IQ-EQ as part of its longer term business strategy.
Speaking about this transaction, IQ-EQ Group Executive Chairman Serge Krancenblum commented:
“I’m delighted to start 2021 on such a hugely positive note and to welcome Boris, Greg and the rest of the Constellation Advisers team to IQ-EQ. This latest transaction represents yet another significant milestone made possible by the ongoing investment in our US operations and takes us one step closer to realising our longer term commercial ambitions in the region. Constellation Advisers’ sector expertise and singular focus on delivering client service excellence make them a strong and natural fit for our business and an important part of our US expansion plans.”
Mark Fordyce, CEO of Blue River and IQ-EQ US Funds, added:
“The acquisition of Constellation Advisers enhances IQ-EQ’s position in outsourced and co-sourced back-office solutions for the US alternative asset industry. The addition of the 100+ Constellation Advisers team brings the total US headcount to more than 320, giving the combined firm increased scale and presence in all key financial markets across the US and the ability to successfully leverage the depth and strength of the entire IQ-EQ Group operating across all of our 23 strategic jurisdictions around the globe. I look forward to working closely with Boris and Greg and building the premier service provider to the US alternative asset industry.”
Commenting on this transaction, Boris Onefater, Constellation Advisers CEO, said:
“Greg and I along with the entire Constellation management team are delighted to join the IQ-EQ family. Our two firms share the same entrepreneurial spirit and we look forward to working with Blue River here in the United States and IQ-EQ globally to help our clients meet their objectives not only in the US, but around the world.”
IQ-EQ Group recognised as a leading fund administrator in alternative assets
IQ-EQ and Blue River Partners (part of the IQ-EQ group) have both been named as top performers in the new Preqin Service Providers in Alternative Assets report.
This special report includes comprehensive league tables of leading service providers in the alternative assets sphere, supporting first-time to institutional investment firms. Preqin is the leading provider of data, analytics and insights for the alternative assets industry.
With one of the most comprehensive global offerings for alternative fund managers, IQ-EQ has been recognised as a leading fund administrator servicing:
- Private capital funds closed in 2019/H1 2020 globally
- Those with US$500-999 million in assets under administration (AUA)
- Those in Europe, Asia-Pacific and Rest of World.
We are also thrilled to be joined in the leagues by our subsidiary brand in the US, Blue River Partners, who has been named as a leading fund administrator for first-time private capital funds closed in 2019/H1 2020 and for private capital funds focused on natural resources.
This recognition reflects the strength of our global Funds division and our commitment to the highest quality of client service, which we now deliver to eight out of 10 of the world’s top private equity firms*.
* Source: PEI 300, as at 30 April 2020
IQ-EQ wins big at Citywealth Brand Management and Reputation Awards
We are thrilled to announce that IQ-EQ has won five awards – including Best Rebrand Campaign – at the 2020 Citywealth Brand Management and Reputation Awards, outperforming any other shortlisted firm.
These awards aim to highlight outstanding work within the internal marketing and business development functions supporting the financial services industry.
IQ-EQ outperformed other finalists in the awards by winning a total of five titles, consisting of three golds and two silvers.
IQ-EQ brought home:
- Silver for Best Events Programme
- Gold for Best Rebrand Campaign
- Gold for Marketing Team of the Year
Additionally, two members of IQ-EQ’s Group Marketing team were recognised with individual awards. Communications Manager, Sarah Wisbey, won Silver for the Rising Star award, while our Group Head of Marketing & Communications, Alison Duffy, won Gold for Marketing Director of the Year.
This is a stellar recognition for our global marketing team who were instrumental in launching the IQ-EQ brand in March 2019. Since then, they have played a pivotal role in meeting the needs of our rapidly-growing group, increasing our brand awareness across core target markets, and assisting our client-facing and business support teams across the globe in launching new initiatives.
IQ-EQ shortlisted for service excellence in International Investment Awards
IQ-EQ has been named as a finalist for the ‘Excellence in Client Service (Industry)’ award in the 2020 International Investment Awards.
Now in its 21st year, these prestigious awards are the longest-running event of their kind and aim to recognise and celebrate the full spectrum of the global investment industry, from FinTech to fiduciary services.
We are in the running for ‘Excellence in Client Service (Industry)’, an award that acknowledges and rewards exceptional client service within the financial services industry.
Here at IQ-EQ, we believe that service excellence depends not only on our ability to provide expert solutions but equally on how well we know our clients and their businesses. Having our ethos recognised by this award is a welcome testament to our service approach and the long-standing and trusted relationships built by our client service teams across all of our service segments globally.
The winners of the 2020 awards will be revealed at the virtual awards ceremony in October!
IQ-EQ completes acquisition of Blue River Partners
IQ-EQ is pleased to announce the successful completion of its acquisition of Blue River Partners (“Blue River”), the U.S. based leading provider of outsourced solutions to alternative asset managers following receipt of all necessary regulatory approvals. The acquisition of Blue River marks the Group’s latest strategic acquisition, the first in the U.S. funds private equity and hedge fund services space.
The newly combined IQ-EQ U.S. operation brings together a highly experienced team of 200 funds professionals servicing more than 500 clients across the U.S from its seven office locations: Dallas, Fort Worth, Houston, Austin, New York City, Chicago and San Francisco.
The transaction significantly strengthens IQ-EQ’s existing presence in the U.S., the largest and fastest growing fund administration and regulatory compliance market in the world and further cements its position as one of the top four investor services providers globally.
The combination of IQ-EQ’s worldwide network and Blue River’s broad service offering creates an industry-leading alternative fund administration and outsourced services provider in the U.S., offering clients the benefits of an extended range of services, growth and future opportunities across all key markets.
Blue River Partners is a long established brand in the U.S. market having built up an enviable reputation over the last 10 years. As such, IQ-EQ will retain the Blue River Partners brand and continue to market its services in the U.S. as ‘Blue River Partners, part of IQ-EQ’.
With immediate effect Mark Fordyce, CEO and founding partner of Blue River Partners, will assume the role of CEO Blue River Partners, part of IQ-EQ, overseeing the 200 strong U.S. operation and will take up his position as part of the Group’s executive leadership team. Fellow Blue River founding partner, Michael Minces and IQ-EQ’s Group Chief Executive Officer, Mark Pesco and IQ-EQ’s Group Head of Funds, Justin Partington, will join him on the board of the U.S. business.
Now that the transaction has completed integration of the two businesses will begin immediately.
Speaking on the completion of the deal, IQ-EQ Group Chief Executive Officer Mark Pesco commented:
“I am delighted to welcome Mark, Mickey and the wider Blue River team to IQ-EQ and am confident that together we will make a truly formidable team. This deal marks a significant milestone for the IQ-EQ team and another important step in our long-term strategic growth plan. Blue River’s entrepreneurial approach and clear commitment to delivering client service excellence make them a natural fit and an important part of our future U.S. expansion plan.”
Mark Fordyce, CEO Blue River Partners, part of IQ-EQ., added:
“We are excited to join forces with IQ-EQ and look forward to our journey ahead. With our combined capabilities, we are perfectly positioned to provide global services and added scale to our clients, within and outside of the U.S. The opportunities available to our people, our business and our clients are significant and we look forward to making a lasting and positive impact on the alternative asset industry.
IQ-EQ to partner with Blue River Partners
PRESS RELEASE
February 18 2020 – Global Investor Services Group IQ-EQ to enter a strategic U.S. transaction
IQ-EQ is delighted to announce the acquisition of Blue River Partners (“Blue River”), an industry leading U.S. provider of outsourced solutions to alternative asset managers. This strategic combination immediately transforms IQ-EQ into a major player in the U.S. private equity and hedge fund services market. The newly combined IQ-EQ U.S. operation will total 200 people in the U.S. as a result of this transaction.
Founded in 2009, Blue River pioneered back-office outsourcing for alternative asset managers, and has grown to become an industry leader, servicing more than 400 clients across the U.S. and employing approximately 180 team members across its 7 office locations – Dallas (HQ), Fort Worth, Houston, Austin, New York, Chicago and San Francisco. The firm provides fund administration to private equity funds; fund operations, middle office and outsourced CFO services to hedge funds; management company operations services; as well as regulatory compliance solutions across all advisory structures. In addition, Blue River’s offering includes tax compliance and advisory services; IT and cybersecurity consulting and managed services; as well as a host of operations, tax and IT services to portfolio companies and assets owned by private equity funds.
IQ-EQ’s worldwide platform combined with Blue River’s broad service offering creates one of the leading alternative fund administration and outsourced services providers in the U.S. A shared entrepreneurial approach coupled with a strong focus on providing high levels of client service positions the newly combined entity as the provider of choice for alternative asset managers.
Blue River founding partners, Mark Fordyce, Chief Executive Officer and Michael Minces, President, will assume the leadership of IQ-EQ’s U.S. operations.
On announcing this acquisition, Group Executive Chairman Serge Krancenblum commented:
“The acquisition of Blue River marks a key milestone for us as it strategically increases our presence in the U.S., the largest and fastest growing fund administration and regulatory compliance market in the world, cementing our position as one of the top 4 investor services firms globally. We have been impressed by Blue River’s growth and professionalism. Under the leadership of Mark Fordyce and Michael Minces we will be in an extremely strong position to capitalize on market opportunities in the U.S. On behalf of IQ-EQ I’m delighted to welcome the entire Blue River team to the Group and look forward to working together to showcase the combined strength of our offering.”
Mark Fordyce, Chief Executive Officer and founding partner of Blue River, added:
“As we met with the management team of IQ-EQ, it quickly became apparent that our two firms take the same approach to business – hiring teams of very talented, experienced professionals and providing exceptional client service. We are excited to join forces with a firm that is like-minded when it comes to client service. This acquisition is incredibly strategic as it will allow Blue River to provide global capabilities and solutions to our clients and give us a greater ability to scale with our clients as they grow and expand their businesses. For the Blue River team, not only does being part of a larger, global organization make perfect sense from a business perspective, it also offers significant benefits to each member of our team in terms of career progression and personal development opportunities. We look forward to working with the IQ-EQ team and are highly confident that together we will make a permanent and positive impact on the alternative asset industry.”
Michael Minces, President and founding partner of Blue River further commented:
“The Blue River team is incredibly excited about this new endeavor. We have built our business by thinking creatively, hiring very talented professionals and working hard for our clients every day. For us this transaction represents the natural evolution of Blue River by expanding our service lines and geographic reach on a global scale. Together with IQ-EQ, we can offer our U.S. client base a highly responsive, team-led fund servicing platform in Europe and Asia. We are also better able to help support our clients’ ambitions to raise capital outside of the U.S. Simply put, this is Blue River continuing to live up to our commitment to always get better.”
