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Tuesday, February 17, 2015

Next Up For Gemini: Strategic Acquisitions

Reported by Neil Anderson, Managing Editor

Gemini Fund Services' parent is changing hands, and Gemini itself is now on the prowl for its deals.

On Monday Boston-based private equity giant TA Associates unveiled a deal to buy a majority stake in Omaha-based NorthStar Financial Group, which owns Gemini Fund Services (as well as Gemini Alternative Funds, Gemini Hedge Services, Northern Lights Compliance Services, Northern Lights Distributors, CLS Investments, and Orion Advisor Services). The deal will allow Mike Miola, the 50-percent owner and chairman of NorthStar and founder of Gemini's predecessor, to retire while leaving the NorthStar subsidiaries' managers as minority investors.

Andrew Rogers, CEO of Gemini, confirms that the deal will also put capital into his hands for making acquisitions, while also giving him the M&A support of the TA team. Rogers is particularly interested in strategic acquisitions, not scale ones, in areas like alternative investments and ETF servicing.

"We definitely want to broaden our services," Rogers tells MFWire, pointing to the M&A expertise of the TA team as a key benefit of the deal.

Rogers hired 80 people at the Gemini companies last year, pushing the headcount to 300, so he sees Gemini as "well-positioned" from a staffing perspective right now. He's also recently made what he calls "substantial investments" in technology.

"We're making huge investments in our people and infrastructure, and we've been doing that for a very long time," Rogers says. 

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