TMF Group B.V. (''Trust Management Finance'') is a Dutch multinational

professional services Professional services are occupations in the service sector requiring special training in liberal arts and pure sciences education or professional development education. Some professional services, such as architects, accountants, engineers, d ...

firm headquartered in

Amsterdam Amsterdam ( , ; ; ) is the capital of the Netherlands, capital and Municipalities of the Netherlands, largest city of the Kingdom of the Netherlands. It has a population of 933,680 in June 2024 within the city proper, 1,457,018 in the City Re ...

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

, 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).

History

TMF Group was founded in the

in 1988. Between 2006 and 2009, TMF Group made 47 acquisitions including departments of

Ernst & Young EY, previously known as Ernst & Young, is a multinational corporation, multinational professional services partnership, network based in London, United Kingdom. Along with Deloitte, KPMG and PwC, it is one of the Big Four accounting firms, Big F ...

, KPMG, Grant Thornton and Baker Tilly in countries like

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

Argentina Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...

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China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...

and

Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...

. In October 2008,

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories and Crown Dependencies. * British national identity, the characteristics of British people and culture ...

private equity firm A private equity firm or private equity company (often described as a financial sponsor) is an investment management company that provides financial backing and makes investments in the private equity of a Startup company, startup or of an existin ...

Doughty Hanson & Co bought TMF Group for €750 million. 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. In 2015, TMF Group acquired the

ian business process outsourcing unit from

PwC PricewaterhouseCoopers, also known as PwC, is a Multinational corporation, multinational professional services network based in London, United Kingdom. It is the second-largest professional services network in the world and is one of the Big Fo ...

, including delivery centers in Barueri,

Rio de Janeiro Rio de Janeiro, or simply Rio, is the capital of the Rio de Janeiro (state), state of Rio de Janeiro. It is the List of cities in Brazil by population, second-most-populous city in Brazil (after São Paulo) and the Largest cities in the America ...

and

Ribeirão Preto Ribeirão Preto (Portuguese pronunciation: Help:IPA/Portuguese, �ibejˈɾɐ̃w ˈpɾetu is a city and a metropolitan area located in the northeastern region of São Paulo (state), São Paulo state, Brazil. Ribeirão Preto is the eighth-la ...

, providing business process outsourcing services in

finance Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

accounting Accounting, also known as accountancy, is the process of recording and processing information about economic entity, economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activit ...

human resources Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include ' ...

tax A tax is a mandatory financial charge or levy imposed on an individual or legal entity by a governmental organization to support government spending and public expenditures collectively or to regulate and reduce negative externalities. Tax co ...

and compliance. On 27 October 2017, TMF Group was acquired by Europe's largest private equity firm CVC Capital Partners for €1.75 billion. 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. TMF Group's 2021 appeal against the ruling was unsuccessful. 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. In July 2022, CVC Capital Partners sold a near-50 per cent stake to the Abu Dhabi Investment Authority

sovereign wealth fund A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as ...

, which will take a seat on TMF’s board. The deal valued the company at about €3 billion.

References

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External links

TMF Group
Financial services companies established in 1988 Consulting firms established in 1988 Accounting firms Financial services companies of the Netherlands International management consulting firms Companies based in Amsterdam Management consulting firms of the Netherlands 1988 establishments in the Netherlands Companies established in 1988 CVC Capital Partners companies