The acquired business, previously owned by a private equity house, concentrates on serving clients in the US and Cayman Islands.

IQ-EQ, the global investor services group backed by European private equity house, Astorg, has made the “strategic acquisition” of South Watch, a provider of services such as fund administration and tax preparation to clients in the US and Cayman Islands.

The business, which expands IQ-EQ’s footprint in the Boston market, was acquired from the majority shareholder, Everlane Equity Partners, and principal employee shareholders. IQ-EQ did not disclose what it paid for the business. 

South Watch was founded in 2016 by Paul Timmins and David Loescher. Kirby Richards joined the business as a managing partner in 2017.

Work to align South Watch to IQ-EQ's brand will begin immediately as part of the integration program, IQ-EQ said in a statement. 

“Their (South Watch) reputation and expertise in hedge fund administration makes them the perfect addition to our US business, further enhancing our comprehensive client offering. IQ-EQ’s team in the US has grown to over 630 experts servicing an expanding client base across 14 offices nationally,” Mark Pesco, group CEO at IQ-EQ, said. 

The South Watch partners, Paul Timmins, Kirby Richards and David Loescher, will continue to lead the business. Timmins will take on the role of head of product, liquid funds; Kirby Richards and David Loescher will become co-heads of fund administration, liquid funds.

Chip Martin, president, private wealth, US, spoke to this news service in February 2024 about IQ-EQ’s North American wealth strategy, the work it does and expects to do with clients such as family offices. 

IQ-EQ said that after the South Watch transaction, it will employ a global workforce of almost 6,000 people in 27 jurisdictions, with total assets under administration of more than $750 billion. Also, First National Trustee Company, The Private Office, AGAMA Group and AMAL are part of the IQ-EQ group of companies.