TMF Group
TMF Group is a Dutch multinational professional-services firm that provides accounting, tax, payroll, human-resources administration, compliance, and fund-administration services across multiple jurisdictions.
Last updated October 14, 2026
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Overview
TMF Group B.V., commonly known as TMF Group, is a Netherlands-based multinational professional-services provider focused on helping companies, investment vehicles, and other organizations operate across borders. Its core work combines accounting, tax compliance, payroll, human-resources administration, corporate secretarial support, entity management, fund administration, and related regulatory services. Rather than functioning primarily as a strategy consultancy or audit firm, TMF Group acts as an operational and compliance infrastructure partner for organizations that need local expertise in several countries. The company was founded in the Netherlands in 1988. Its development has been shaped by geographic expansion, acquisitions, and the consolidation of specialist administrative businesses. Between 2006 and 2009, TMF Group completed 47 acquisitions, including business units associated with Ernst & Young, KPMG, Grant Thornton, and Baker Tilly. These transactions expanded its reach in markets including Brazil, Argentina, Mexico, China, and Australia and helped build the multinational operating model on which the business depends. Ownership changed significantly during the company’s expansion. British private-equity firm Doughty Hanson & Co acquired TMF Group in 2008. In 2011, Doughty Hanson completed the acquisition of Equity Trust, and TMF Group and Equity Trust subsequently merged at group level. The combined organization strengthened TMF Group’s position in corporate administration, trust and fiduciary services, and fund-related support. In 2015, TMF Group acquired the Brazilian business-process-outsourcing unit of PwC, including delivery centers in Barueri, Rio de Janeiro, and Ribeirão Preto. That transaction broadened its capabilities in finance and accounting, human resources, tax, compliance, and business-process services. CVC Capital Partners acquired TMF Group in October 2017. In July 2022, CVC sold a stake of close to 50 percent to the Abu Dhabi Investment Authority, with the transaction valuing the company at approximately €3 billion according to reported transaction information. CVC remained an important shareholder and ADIA obtained board representation. The ownership structure reflects TMF Group’s position as a scaled private-equity-backed business-services platform rather than a publicly traded professional-services firm. TMF Group’s service model is organized around the practical requirements of maintaining legal entities and investment structures in different countries. Its accounting and tax teams support statutory reporting, bookkeeping, tax filings, and compliance obligations. Payroll and human-resources administration teams manage recurring employment processes for multinational employers. Corporate secretarial and entity-management services help clients establish, maintain, and close entities while meeting local governance requirements. The group also provides fund administration and related services for investment managers and fund structures. The company has continued to expand through targeted acquisitions. In 2023 it acquired or completed transactions involving Goodbody in Ireland, KPK faServ in India, Avanzia Taxand in Malta, Premier Consulting in Greece, and Contexpert in Romania. In January 2025, it acquired the business-process-services division of RSM, extending its compliance and administrative offering in Latin America and Brazil. In July 2025, TMF Group announced a partnership with the IBOS Association intended to support cross-border operations and improve access to international markets. As of October 2023, the company was reported to operate 125 offices across 86 jurisdictions, employ approximately 10,000 people, and administer more than US$215 billion in assets. It has also received Leader recognition in Everest Group’s 2023 and 2024 Multi-Country Payroll Solutions PEAK Matrix assessments. Its principal market proposition is the combination of broad geographic coverage, standardized processes, and local regulatory knowledge. Regulatory scrutiny has also been an important part of its recent history: Dutch authorities imposed fines in 2018 and 2023 relating to customer and entity due diligence. These matters highlight the compliance risks inherent in the services TMF Group provides and the importance of governance controls in its operating model.
History
TMF Group was established in the Netherlands in 1988 as a provider of administrative and financial services. It subsequently developed into a multinational professional-services platform serving companies and investment structures that operate across borders. The group’s business is based on the recurring administrative obligations associated with legal entities, employees, tax regimes, corporate governance, funds, and regulatory reporting. A major phase of international expansion occurred between 2006 and 2009, when TMF Group completed 47 acquisitions. These included departments or business units associated with Ernst & Young, KPMG, Grant Thornton, and Baker Tilly. The acquisitions expanded the company’s presence in Brazil, Argentina, Mexico, China, Australia, and other markets, giving it a broader local operating network. In October 2008, Doughty Hanson & Co acquired TMF Group for a reported €750 million. Doughty Hanson then completed the €350 million acquisition of Equity Trust in January 2011. The two organizations were merged at group level in June 2011, reinforcing TMF Group’s capabilities in trust, fiduciary, corporate-administration, and fund-related services. TMF Group expanded its Brazilian business-process capabilities in 2015 by acquiring PwC’s Brazilian business-process-outsourcing unit. The acquired operations included delivery centers in Barueri, Rio de Janeiro, and Ribeirão Preto and provided services in finance and accounting, human resources, tax, and compliance. This strengthened the group’s delivery-center model alongside its country-level professional-services operations. On 27 October 2017, CVC Capital Partners acquired TMF Group in a transaction reported at approximately €1.75 billion. Under CVC ownership, the company continued to pursue international scale and service expansion. Regulatory issues also became prominent. In 2018, De Nederlandsche Bank fined TMF Group €594,000 for insufficient due diligence in the management of an entity involved in a US$850 million loan to Mozambican parties intended for a tuna-fishing project. The loan became associated with the wider hidden-debt scandal after funds were embezzled or used by defense-related parties. TMF Group’s appeal against the ruling was unsuccessful in 2021. In July 2022, Abu Dhabi Investment Authority acquired a stake of close to 50 percent from CVC. The transaction reportedly valued TMF Group at approximately €3 billion, and ADIA received representation on the company’s board. In 2023, Dutch regulators imposed a further €3.125 million fine for deficiencies in customer due diligence; seven of eight reviewed files were found not to be in good order. TMF Group continued its acquisitive strategy in 2023 through transactions involving Goodbody in Ireland, KPK faServ in India, Avanzia Taxand in Malta, Premier Consulting in Greece, and Contexpert in Romania. These transactions were reported to have contributed approximately €12.4 million in additional revenue and €13.3 million in goodwill. In January 2025, TMF Group acquired RSM’s business-process-services division, adding further compliance and administrative capabilities in Latin America and Brazil. In July 2025, it partnered with the IBOS Association to support cross-border activity and widen client access to international markets. By October 2023, TMF Group was reported to have 125 offices in 86 jurisdictions and approximately 10,000 employees. It also administered more than US$215 billion in assets. The group’s current identity is that of a global provider of outsourced compliance, accounting, payroll, entity-management, and fund-administration services. Its geographic reach is a principal differentiator, while its regulatory history demonstrates the operational and governance challenges involved in delivering these services across many legal systems.
- 2025
RSM business-process-services division acquired
[1]TMF Group acquired RSM’s business-process-services division, extending its regional compliance and administrative capabilities.
- 2023
European and Asian acquisition expansion
[1]The company completed acquisitions or related transactions in Ireland, India, Malta, Greece, and Romania.
- 2022
ADIA becomes a major shareholder
[1]Abu Dhabi Investment Authority acquired a near-50-percent stake, with the transaction reportedly valuing TMF Group at approximately €3 billion.
- 2017
CVC Capital Partners acquisition
[1]CVC Capital Partners acquired TMF Group in a reported €1.75 billion transaction.
- 2015
Brazilian PwC outsourcing unit acquired
[1]TMF Group acquired PwC’s Brazilian business-process-outsourcing unit, including delivery centers in three Brazilian cities.
- 2011
Equity Trust acquisition and merger
[1]Doughty Hanson completed the acquisition of Equity Trust, and TMF Group and Equity Trust were merged at group level later that year.
- 2008
Doughty Hanson acquisition
[1]Doughty Hanson & Co acquired TMF Group in a transaction reported at approximately €750 million.
- 2006
Start of major acquisition program
[1]Between 2006 and 2009, TMF Group completed 47 acquisitions, expanding its network and adding country-level accounting, tax, corporate, and administrative capabilities.
- 1988
TMF Group founded in the Netherlands
[1]TMF Group was established in the Netherlands and began developing the administrative-services business that later became its multinational professional-services platform.
Products and positioning
A global compliance and administrative infrastructure partner for companies, investment managers, funds, and other organizations operating across multiple jurisdictions.
Accounting and tax
Accounting and tax services
TMF Group supports clients with bookkeeping, statutory accounting, financial reporting, tax compliance, filings, and related local administrative obligations. These services are designed for organizations that need consistent financial and tax processes across multiple countries while retaining access to jurisdiction-specific expertise.
Payroll and human resources
Global payroll and HR administration
The group administers payroll and associated human-resources processes for employers operating in multiple jurisdictions. Its offering addresses recurring employment administration, local payroll requirements, reporting, and compliance. TMF Group was recognized as a Leader in Everest Group’s 2023 and 2024 Multi-Country Payroll Solutions PEAK Matrix assessments.
Corporate administration
Global entity management
TMF Group helps clients establish, maintain, govern, and close legal entities in different countries. Services include corporate secretarial support, registered-office and governance administration, entity data management, filing coordination, and assistance with ongoing local compliance obligations.
Investment and fund services
Fund administration
The company provides administrative support for funds and other investment structures. This area is connected to TMF Group’s broader corporate, fiduciary, accounting, reporting, and regulatory capabilities and serves investment managers and structures that require operational support across jurisdictions.
Business-process outsourcing
Business-process services
TMF Group provides outsourced administrative and operational processes in areas including finance and accounting, human resources, tax, compliance, and corporate administration. Its delivery-center model was expanded through the 2015 acquisition of PwC’s Brazilian business-process-outsourcing unit and the 2025 acquisition of RSM’s business-process-services division.
Controversies
2023
Further customer-due-diligence fine
De Nederlandsche Bank imposed a €3.125 million fine after finding deficiencies in seven of eight investigated customer files.
2021
Unsuccessful appeal of regulatory ruling
TMF Group’s appeal against the Dutch regulatory ruling connected with the earlier due-diligence case was unsuccessful.
2018
De Nederlandsche Bank due-diligence fine
The Dutch central-bank supervisor fined TMF Group €594,000 for insufficient due diligence in the management of an entity involved in a US$850 million loan to Mozambican parties intended for a tuna-fishing project. The loan later became associated with Mozambique’s hidden-debt scandal after funds were embezzled or used by defense-related parties.
Brand decisions
2025
Acquire RSM business-process-services divisionM&ABackground
TMF Group sought to strengthen its outsourced compliance and administrative services, particularly in Latin America and Brazil.
Action taken
TMF Group acquired RSM’s business-process-services division in January 2025.
Aftermath
The acquisition expanded the group’s business-process and regional delivery capabilities.
2025
Partner with IBOS AssociationStrategyBackground
Cross-border clients require access to banking relationships and market infrastructure in multiple jurisdictions.
Action taken
TMF Group partnered with the IBOS Association to support international operations and widen client access to global markets.
Aftermath
The partnership extended TMF Group’s network-based approach to cross-border service delivery.
2023
Expand through acquisitions in Ireland, India, Malta, Greece, and RomaniaM&ABackground
TMF Group continued to build local capabilities and broaden its cross-border service network.
Action taken
The company completed transactions involving Goodbody, KPK faServ, Avanzia Taxand, Premier Consulting, and Contexpert.
Aftermath
The transactions were reported to add approximately €12.4 million in revenue and €13.3 million in goodwill.
2022
Bring Abu Dhabi Investment Authority into the ownership structureM&ABackground
CVC Capital Partners sought a major ownership transaction while retaining an important position in the business.
Action taken
ADIA acquired a stake of close to 50 percent and obtained representation on TMF Group’s board.
Aftermath
The transaction preserved TMF Group’s private ownership model and brought a major sovereign-investment institution into its shareholder base.
Reported company valuation. Approximately €3 billion (July 2022)
2017
Accept CVC Capital Partners acquisitionM&ABackground
TMF Group pursued continued international expansion as a private professional-services platform.
Action taken
CVC Capital Partners acquired the company in October 2017.
Aftermath
The transaction placed TMF Group under CVC ownership and was followed by further geographic and service expansion.
Reported acquisition value. €1.75 billion (October 2017)
Recent events
Reported
TMF Group acquires Navigator Partners[3]
TMF Group, a provider of global administrative and compliance services, has acquired Navigator Partners, a Finland-based provider of fund and investor administration, corporate, and foundation management services. The transaction gives TMF Group a platform into Finland's funds, family office, and foundation administration market and enhances its presence in the Nordics.
Reported
TMF Group acquires Navigator Partners[4]
CVC-backed TMF Group acquired Navigator Partners, a Helsinki-founded fund administrator serving more than 800 private equity, family office and foundation clients across the Nordics.
- Unconfirmed
Reported
TMF Group appoints commercial director for Australian fund services[5]
TMF Group hired Paul Adamiak as commercial director for its Australian fund services business. He will be responsible for scaling the service offering to Australian and offshore asset managers and institutions investing in Australian real assets.
Sources5 sources
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