Global alternative asset manager The Carlyle Group is to acquire a majority stake in Conifer Financial Services, 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 – the terms of which were not disclosed – is expected to close in the second quarter of 2015, subject to customary closing requirements and regulatory approvals.

In May 2014, The Conifer Group and Vastardis Capital Services Holdings merged to create Conifer Financial Services, an independent asset services provider and outsourced trading platform.

Conifer has over 200 clients globally representing over $100 billion in combined assets under administration.

“Fund services are becoming increasingly important to a range of asset owners and managers,” said Keith Taylor, managing director of Carlyle’s Global Financial Services Fund. “Market participants are working to gain better control over their data, operations and regulatory requirements. Conifer's technology advantage allows it to deliver a diverse set of services to help its clients thrive in this dynamic environment.”

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. This will be the fifth investment by the fund. Previous investments include: Duff & Phelps, DBRS and Edgewood Partners Holdings.

In the US, Confier has offices in New York and San Francisco, with other locations in Singapore, Halifax, NS, and the British Virgin Islands.

The Carlyle Group invests across four segments – corporate private equity, real assets, global market strategies and solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.