Our strategy

The fundamental purpose of TMF Group Holding B.V. ("TMF Group") is to help our clients invest and operate safely around the world. We provide compliance and administrative services in 87 countries. Our broad footprint and set of services allow us to handle clients’ critical administration across their portfolio of legal entities around the world in a safe and controlled environment.

Our services cover these requirements, efficiently and compliantly, managed in three global service lines:

  • accounting and tax

  • payroll and HR

  • global entity management

Our clients include the majority of the Fortune Global 500 and FTSE 100. For reporting purposes, we group them as follows:

  • corporate clients (operators); about 70% of 2024 total revenue (2023: 71%)

  • financial services (investors); 30% of 2024 total revenue (2023: 29%)

Under our corporate client segment, we focus on providing multi-disciplined administration services to clients of all sizes, ranging from single services in a single country to multiple services across their global footprint. For many of our clients, we provide services that help them operate their business in the complex tail of countries outside of their corporate headquarters. We provide an efficient and effective service that allows them to operate compliantly across the globe.

Under the financial services segment, TMF Group focuses broadly on banks, asset managers, asset owners, sovereign wealth funds (SWFs), pension funds and those in the private wealth and family office space. Our model allows the full suite of services to be provided to these clients, including many complex financial institutions where we offer corporate services such as entity management and payroll. In addition, we have invested heavily in the provision of more specialist services to this client group, including fund administration (alternative investment fund managers (AIFM), fund accounting, back and middle office services), loan administration services (especially in the private credit space), and capital market services (including agency, admin, escrow, trustee, and asset servicing). Our platform gives us the ability to administer special purpose vehicles (SPVs) across the globe as an additional offering for asset managers. With our recent acquisition of EWM Global, we have further strengthened our credentials to administer complex compensation plans including caried interest and co-investment vehicles for fund structures and deferred compensation schemes that are commonplace with many financial institutions. 

TMF Group has a strong origination platform and a systematic approach to the execution and integration of acquisitions. Leveraging the relationships of our 11,700 people across TMF Group provides a rich source of new opportunities that are a good fit with our culture and service offering. As a result, more than 95% of the 30 acquisitions that TMF Group has completed in the last 5 years have been bilateral opportunities. Our experience has covered deals in every geographic region and all service lines, including the build-out of our fund administration capability through acquisitions in the USA, Channel Islands, Luxembourg, Ireland and Brazil. Our execution expertise is complemented by our in-house integration capability, which ensures the smooth onboarding of acquisitions for our new clients and employees.

The way to invest and operate safely around the world

Our proposition

Critical administration in critical locations

Our platform

Over 11,7001 people in 87 countries

  • 111,767 headcount as at 31 December 2024, corresponds to 11,580 Full-time equivalent ("FTE") as at 31 December 2024 (average of 11,352 FTEs for 2024).
  • 2TMF Group continues to operate in two offices in Russia for clients who are multinationals and rely on our support. Many have chosen to withdraw from Russia and TMF Group is enabling that to happen in an orderly fashion.

TMF Group organises its 87 countries into 16 markets which are grouped into 3 regions – EMEA (Europe, Middle East, and Africa), Americas (North America, Latin America) and APAC (Asia–Pacific).  We have experts on the ground in these locations serving clients locally and as part of global client teams.

TMF Group has been in business serving clients for over 35 years. We have grown steadily through those decades and several global crises as a result of our resilience, which stems from the following factors:

  • We operate in a large, growing, and fragmented market. We address a €20 billion market that is growing rapidly as firms seek help dealing with increasing regulatory complexity in employment law, regulatory filings or fiduciary rules. We are one of the leading firms with an unrivalled global platform. With just 5% share, we have a lot of room to grow.

  • We work with primarily global mandates. Over half of our revenue now comes from clients using our services in multiple countries. That proportion is growing in response to our commercial strategy. These relationships reflect our global footprint and operating model and are inherently stickier than those in a single country.

  • We provide business critical and recurring services. Many of the services TMF Group provides – such as regulatory filing, or accounting and tax services – are mandatory for our clients, meaning our work is seldom vulnerable to economic downturns or shifts in clients’ strategies.  These services are recurring, meaning we start each year with over 90% of our revenue secure, creating a stable cashflow.

  • We have a diversified and blue-chip client base. TMF Group works mainly with multinational firms who themselves tend to be more resilient. Our largest client is just 1.2% of our revenue and we have low exposure to any single sector or country.

  • We are investing in technology. TMF Group has accelerated its investments in technology to enhance customer offerings, improve client satisfaction and efficiency, and reduce risk.

  • We enjoy strong cash conversion. TMF Group benefits from strong cash flow conversion. We are a service-focused business with relatively modest need for investment in property, plant or equipment and IT software.

  • We apply robust controls. The Management Board is supported by centralised Group functions operating in a ‘three lines of defence’ model. TMF Group has a centralised KYC function. Further, each employee is responsible for adhering to Group-wide AML/CFT and sanctions policies. We have also invested in areas of critical risk such as cyber security, including recent measures to enhance data security with more people working from home and on laptops.

  • We help our clients invest and operate safely around the world. We provide the administrative services they need to run legal entities compliantly and efficiently, including accounting and tax filings, employee administration and payroll, incorporation and fiduciary oversight and regulatory services.

Within the broad space of administrative services, our strategy is to become the best solution for firms with multinational entities to look after. Our unique footprint in 87 of the world’s most attractive investment hubs and economies, as well as our blend of services, mean that we can manage operating and investment vehicles in various locations.

Particular elements of our strategy are reflective of that overall goal outlined on the following page.

We created One TMF