Goodbody Stockbrokers has sold its Goodbody Fund Management (GFM) subsidiary to Dutch professional services firm TMF Group for an undisclosed amount.

For the TMF Group, a multinational provider of compliance and administrative services, the acquisition of GMF represented a strategic step in its expansion in the Irish market.

In operation since 2013, GFM provides tailored fund solutions to Alternative Investment Funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS), as well as property investment management services. GFM provides portfolio management, risk management and governance roles to its clients, as well as oversight of local regulatory and compliance requirements for funds.

“GFM is extremely proud of the company we’ve built over the past 10 years and the strong customer franchise we have established,” said GFM chief executive Phelim Keogan.

“Our highly experienced fund management team is excited to join such a global, trusted leader in the professional services industry, affording us the opportunity to rapidly grow our market profile and enhance our customer offering.”

Daniel Max, head of global solutions at TMF Group, said that the transaction, which is subject to regulatory approval, “added high quality funds capability to TMF Group’s portfolio of services in Ireland, helping it to increase its share of this growing market.”

“The acquisition is a fundamental part of a continuing growth story for TMF Group and a strategic intent to develop and grow its global fund services business. GFM adds high quality funds capability to TMF Group’s portfolio of services in Ireland, helping it to increase its share of this growing market,” he said.

This deal comes as part of a drive by TMF to grow its fund services business and follows a series of acquisitions in Luxembourg, Brazil and the US. Following the deal, the Dutch group will administer more than $225bn (€206m) worth of assets its global client base.