Talk:TMF Group

Updating TMF Group page content

Hi there, I am the Content Manager for TMF Group and I would like to find out how to update our Wikipedia page. The current page content is about 5 years out of date. I can provide updated copy with accredited citations to anyone who is able to assist. Thank you. LAContent (talk) 11:08, 26 September 2023 (UTC)

Updates for TMF Group company page

• What I think should be changed (include citations):

Introduction paragraph:

The following numbers should be updated to reflect the company's current stats as of October 2023: 125 offices, 86 jurisdictions, employing 10,000 people - citation: https://www.tmf-group.com/ & https://www.tmf-group.com/en/services/

$215bn in Assets Under Administration - citation: https://www.tmf-group.com/en/news-insights/press-releases/2023/march/tmf-group-acquires-partnersadmin-llc/ https://www.privateequitywire.co.uk/tmf-group-acquires-outsourced-fund-admin-provider/

• Why it should be changed:

The current numbers are from 2017 and the company has grown significantly since then.

• What I think should be changed (include citations):

Add the following paragraph to the introduction:

In 2022, TMF Group was awarded a Silver Medal by Ecovadis, an Environmental, Social and Governance (ESG), for the second year running. [citation: https://www.tmf-group.com/en/about-us/corporate-responsibility/environmental-social-and-governance/] It maintained its position among the top 18% of more than 75,000 companies assessed by EcoVadis, the top 11% in its sector and top 2% in the ethics category. [citation: https://www.tmf-group.com/en/news-insights/press-releases/2022/december/tmf-group-awarded-ecovadis-silver-medal-for-a-second-year/]

• Why it should be changed:

This is an important aspect of the country's recent history and fits into the introduction paragraph that contains the company stats.

• What I think should be changed (include citations):

History section:

Remove "when Pernille Fabricius sat as group CFO & COO and board member"

• Why it should be changed:

There is no reason to include a link to one former executive who is no longer with the company and does not have a Wikipedia profile as it does not provide informative content.

• What I think should be changed (include citations):

Remove the following paragraph:

On 11 August 2021, according to a report published by the Budgetary Monitoring Forum (FMO), a Dutch appeals court upheld a fine imposed by the De Nederlandsche Bank (DNB) against the TMF Group for failings in due diligence related to the scandal of Mozambique's hidden debts. The scandal involved at least three corrupt officials from Credit Suisse, who have admitted to taking bribes, and officials of the Abu Dhabi-based shipbuilding group, Privinvest.

• Why it should be changed:

This paragraph is the same as the one below linking to the DNB fine for Mozambique. (One is the original fine, the other is the appeal result). It is not proportionate to have two paragraphs on this. Below, I have requested an additional sentence to be added to the original paragraph that reflects the appeal result.

• What I think should be changed (include citations):

Please add the following sentence to the paragraph about the fine that begins: In 2018, the Dutch supervisor...etc "TMF Group's 2021 appeal against the ruling was unsuccessful." - citation: https://allafrica.com/stories/202108120532.html

• Why it should be changed:

The page will be more concise with the circumstances of the fine being covered in one paragraph instead of being split into two, in the wrong order, and separated from one another by an entirely different fact, which is how the content is currently laid out.

• What I think should be changed (include citations):

Add a new paragraph at the end of the history section:

When Russia invaded Ukraine in 2022, TMF Group was one of the first firms globally to withdraw services to clients with a Russian UBO, announcing the move on 4 March 2022. [citation: https://www.tmf-group.com/en/news-insights/press-releases/2022/march/tmf-group-exits-russian-clients/] CEO Mark Weil’s decision and views on the resulted in coverage in Time, FdI Intelligence and City A.M.

Citations: https://time.com/6179726/russia-company-exit-tmf/

https://www.cityam.com/a-growing-list-tmf-group-closes-services-to-all-russian-clients/

https://www.fdiintelligence.com/content/search/(offset)/locations/global/the-rise-of-corporate-activists-80868

• Why it should be changed:

This is an important aspect of the company's recent history.

• What I think should be changed (include citations):

Services

Change the title from Service Lines to Service

Update the service section as follows: The group's main services are accounting, tax, HR, payroll, and entity management, corporate secretarial, fund administration, capital markets, private wealth and family offices. (citation: https://www.tmf-group.com/en/services/)

Remove the following paragraph: Other services relates to structured finance, international structuring, international incorporations, fund administration, private equity, real estate investments and IP licensing and collection.

• Why it should be changed:

The current services are outdated. The second paragraph is overlap and has been included in my updated services paragraph.

• What I think should be changed (include citations):

Add the the following new section below Services:

Section title: Global Business Complexity Index

TMF Group launched its 10th annual Global Business Complexity Index (GBCI) report in May 2023. [citation: https://esgnews.com/tmf-group-launches-10th-edition-of-global-business-complexity-index-gbci/] The report ranks 78 jurisdictions in order of business complexity, from 1 – the most complex – to 78, the simplest place to do business. This leading piece of proprietary research is carried out by Savanta, a specialist market research consultancy. Savanta surveys subject matter experts in the 78 jurisdictions. [citation: https://www.fdiintelligence.com/content/news/france-ranked-the-most-complex-country-to-do-business-in-82528] The 292 questions remain the same each year to allow benchmarking and relative accuracy when the rankings are calculated algorithmically.

The global coverage and independence of the subject matter experts in each location makes the report influential in the finance and professional services sectors, even more so since the World Bank’s Ease of Doing Business report was discontinued in 2021 following data irregularities. [citation: https://www.worldbank.org/en/news/statement/2021/09/16/world-bank-group-to-discontinue-doing-business-report]

Citations: https://businesschief.com/leadership-and-strategy/tmf-top-10-easiest-countries-to-do-business

https://www.investorschronicle.co.uk/news/2023/07/07/why-the-uk-is-still-an-attractive-place-to-invest/

LAContent (talk) 08:51, 17 October 2023 (UTC)

References

Reply 17-OCT-2023

Below you will see where proposals from your request have been quoted with reviewer decisions and feedback inserted underneath, either accepting, declining or otherwise commenting upon your proposal(s). Please read the enclosed notes within the proposal review section below for information on each request.

Edit request review 17-OCT-2023

as of October 2023: 125 offices, 86 jurisdictions, employing 10,000 people  Approved. In 2022, TMF Group was awarded a Silver Medal by Ecovadis, an Environmental, Social and Governance (ESG), for the second year running. It maintained its position among the top 18% of more than 75,000 companies assessed by EcoVadis, the top 11% in its sector and top 2% in the ethics category.  Declined. Remove: "when Pernille Fabricius sat as group CFO & COO and board member"  Approved. TMF Group's 2021 appeal against the ruling was unsuccessful.  Approved. When Russia invaded Ukraine in 2022, TMF Group was one of the first firms globally to withdraw services to clients with a Russian UBO, announcing the move on 4 March 2022. CEO Mark Weil’s decision and views on the resulted in coverage in Time, FdI Intelligence and City A.M.  Declined. Change the title from Service Lines to Service. Update the service section as follows: The group's main services are accounting, tax, HR, payroll, and entity management, corporate secretarial, fund administration, capital markets, private wealth and family offices  Declined. TMF Group launched its 10th annual Global Business Complexity Index (GBCI) report in May 2023. The report ranks 78 jurisdictions in order of business complexity, from 1 – the most complex – to 78, the simplest place to do business. This leading piece of proprietary research is carried out by Savanta, a specialist market research consultancy. Savanta surveys subject matter experts in the 78 jurisdictions. The global coverage and independence of the subject matter experts in each location makes the report influential in the finance and professional services sectors, even more so since the World Bank’s Ease of Doing Business report was discontinued in 2021 following data irregularities.  Declined. ___________

Regards,  Spintendo  19:12, 17 October 2023 (UTC)

Edit request

• What I think should be changed (include citations):

Thank you Spintendo, for actioning my edit requests yesterday. I have a couple more.

Introduction:

Change €160 billion to $215 billion in Assets Under Administration.

Citations: https://www.privateequitywire.co.uk/tmf-group-acquires-outsourced-fund-admin-provider/

https://www.tmf-group.com/en/news-insights/press-releases/2023/march/tmf-group-acquires-partnersadmin-llc/

• Why it should be changed:

€160 billion is the value from 2017 and our Assets Under Administration value has since increased.

• What I think should be changed (include citations):

Add the following paragraph under the History section (note: this is an updated version of the one I previously wrote with editor comments taken on board):

When Russia invaded Ukraine in 2022, TMF Group announced on 4 March of that year that it would withdraw services to clients with a Russian UBO. (citation: https://www.tmf-group.com/en/news-insights/press-releases/2022/march/tmf-group-exits-russian-clients/) CEO Mark Weil’s decision and his views on the subsequent operational processes were discussed in Time Magazine, FdI Intelligence and City A.M.

Citations: https://time.com/6179726/russia-company-exit-tmf/

https://www.cityam.com/a-growing-list-tmf-group-closes-services-to-all-russian-clients/

https://www.fdiintelligence.com/content/search/(offset)/locations/global/the-rise-of-corporate-activists-80868

• Why it should be changed:

I have updated this particular edit request to be in line with Wikipedia policies following yesterday's feedback.

• What I think should be changed (include citations):

Add new section titled Services - this was deleted in yesterday's edit but I am not clear as to why this happened.

Services

The group's main services are accounting, tax, HR, payroll, entity management, corporate secretarial, fund administration, capital markets, private wealth and family offices.

Citation: https://www.tmf-group.com/en/services/

Alternatively, list these services in the introduction paragraph.

• Why it should be changed:

The services currently listed in the introduction paragraph only cover four of the company's nine key services and do not give a comprehensive picture of the business offering.

LAContent (talk) 14:17, 18 October 2023 (UTC)

References

Reply 18-OCT-2023

  Edit request partially implemented  

1. Y The AUM was increased.
2. N The claim regarding Russia was not added. Wikipedia is not the place for press releases discussing the company's actions.

• The Services section was deleted. The company's own website is a better location for these services to be mentioned. A link to the company's website has been provided to readers of the article.

Regards,  Spintendo  22:00, 18 October 2023 (UTC)

• What I think should be changed: Thank you for your edits, Spintendo. Please update the Euro sign to $ for the numerical update you made to AUA.
• Why it should be changed: The currency sign is incorrect - it should be $ as per the new citation.
• References supporting the possible change (format using the "cite" button): https://www.privateequitywire.co.uk/tmf-group-acquires-outsourced-fund-admin-provider/

LAContent (talk) 08:55, 19 October 2023 (UTC)

References

Requesting updates for TMF Group company page for 2024

• What I think should be changed (include citations):

Introduction paragraph:

The following numbers should be updated to reflect the company's current stats as of October 2024: 125 offices, 87 jurisdictions and employs 11,000 people

Citations: https://www.tmf-group.com/en/about-us/ (internal) https://business-review.eu/property/offices/tmf-group-relocates-to-america-house-in-bucharests-central-business-district-265059 (external)

• Why it should be changed:

The current numbers are from 2023 and are outdated.

• What I think should be changed (include citations):

Please add two new paragraphs after the paragraph starting with "In October 2008"...

In 2013, TMF Group had more than 4000 employees, 100 offices in 80 jurisdictions and acquired Accepta in Norway.

In 2014, TMF Group acquired Indonesian payroll firm Tass Axia and KCS, a pan-Asian corporate services provider specialising in corporate accounting and payroll services

Citation for acquiring Accepta: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://uploads3.craft.co/uploads/source/document/779851/6b1a75626945f3c1.pdf

Citations for acquiring Tass Axia and KCS: https://www.vcpost.com/articles/23319/20140414/tmf-group-acquires-indonesian-payroll-firm-tass-axia.htm https://www.insidermedia.com/news/national/119043-tmf-group-acquires-kcs

• Why it should be changed:

This page already contains information about some of TMF Group's acquisitions. This additional acquisition information gives a more comprehensive overview of the company's history.

LAContent (talk) 10:12, 14 November 2024 (UTC)

 Not done. The amount of detail on company acquisitions that you are looking to add in this and the other 2 edit requests in WP:UNDUE and ultimately non-encyclopaedic information which is unlikely to be of interest even to the most avid reader. Axad12 (talk) 22:13, 15 November 2024 (UTC)

References

Requesting updates for TMF Group company page for 2024 continued

• What I think should be changed (include citations):

Please add this new paragraph after the paragraph starting "In 2015, TMF Group acquired"...

In 2016, TMF Group acquired: - Extor, an accounting and payroll services provider in Poland, CMS, one of Central Eastern Europe’s most established independent payroll, HR and accounting providers - Affiance, provider of trust and corporate services to Turkish corporations in the Netherlands - Swain & Associates, provider of consultancy services catering to international corporations and entrepreneurs - Axiss International Management, regulated management company that provides a full range of fiduciary and company management services

Citation - Extor: https://www.mondaq.com/pressrelease/16546/tmf-group-acquires-extor

Citation - Affiance: https://www.dealmaker.nl/deal/tmf-netherlands-acquires-affiance

Citation - Swain & Associates: https://research.nelson-hall.com/sourcing-expertise/vendor-intelligence-program/?avpage-views=article&id=209336&fv=2

Citation - Axiss: https://www.ieyenews.com/cayman-islands-tmf-group-acquires-axiss-international-management-limited/

• Why it should be changed:

This page already contains information about some of TMF Group's acquisitions. This additional acquisition information gives a more comprehensive overview of the company's history.

• What I think should be changed (include citations):

Please add the following information to the paragraph starting "On 27 October 2017, TMF Group was acquired"...

In the same year, TMF Group acquired: - UPAX, Upstream Accounting Excellence AS ("UPAX"), a leading provider of finance and accounting services to oil companies in Norway - Virtual HR, a leading provider of payroll services in Singapore - Onpayroll, one of Canada’s leading providers of HR and Payroll services - Payroll Services, provider of payroll and employee management services in Switzerland - Nyassa, a 33-strong Indian business process outsourcing firm - Gentoo Holdings, a Guernsey and Luxembourg based provider of fund administration services

In 2018, TMF Group acquired VAT International, a UK based provider of VAT recovery and compliance services and State Street’s private equity and real estate (PERE) fund servicing units in the Channel Islands. Staff numbers had reached 8000.

Citation - UPAX: https://www.mondaq.com/pressrelease/23344/tmf-group-agrees-to-acquire-upax Citation - Virtual HR: https://www.foulgerunderwood.com/news/2017/6/6/singapore-tmf-group-acquires-virtual-hr Citation - Onpayroll: https://focusonbusiness.eu/en/news/tmf-group-acquires-onpayroll-ca-corp-significant-step-in-expansion-of-canadian-operations/1577 Citation - Payroll Services: https://research.nelson-hall.com/sourcing-expertise/hr-outsourcing/payroll-services/?avpage-views=article&id=212358&fv=2 Citation - Nyassa: https://www.crunchbase.com/acquisition/tmf-group-acquires-nyaasa-services-pvt-ltd--9d95b3db Citation - Gentoo: https://www.assetservicingtimes.com/assetservicesnews/fundservicesarticle.php?article_id=7557 Citation - VAT International: https://www.assetservicingtimes.com/assetservicesnews/fundservicesarticle.php?article_id=7557 Citation - State Street: https://www.globalcustodian.com/tmf-group-acquires-state-streets-channel-islands-fund-admin-business/

LAContent (talk) 10:55, 14 November 2024 (UTC)

 Not done. The amount of detail on company acquisitions that you are looking to add in this and the other 2 edit requests in WP:UNDUE and ultimately non-encyclopaedic information which is unlikely to be of interest even to the most avid reader. Axad12 (talk) 22:13, 15 November 2024 (UTC)

References

Requesting updates for TMF Group company page for 2024 continued (part 3)

• What I think should be changed (include citations):

Please add the following updates underneath the paragraph starting "In 2018, the Dutch supervisor"...

In 2019 and 2020, TMF Group acquired NVM Group’s payroll portfolio in Vietnam and IQ-Nexus, a provider of corporate services based in the Netherlands respectively.

In 2021, TMF Group acquired funds service from Selectra Management Company in Luxembourg and Venture Back Office (VBO) in USA.

Citation for acquiring NVM Group: https://api.eurochamvn.org/tmf-group-acquires-nvm-groups-payroll-portfolio-in-vietnam/ Citation for acquiring IQ Nexus: https://pitchbook.com/profiles/company/464194-90 Citation for acquiring Selectra Management Company: https://www.pionline.com/mergers-and-acquisitions/tmf-group-inks-deal-acquire-selectra Citation foracquiring VBO: https://www.globalcustodian.com/tmf-group-expands-us-private-markets-business-with-acquisition-of-venture-back-office/

• Why it should be changed:

This page already contains information about some of TMF Group's acquisitions. This additional acquisition information gives a more comprehensive overview of the company's history.

• What I think should be changed (include citations):

Please add the following acquisition updates at the end of the paragraph starting "In July 2022, CVC Capital Partners sold"...

TMF Group also opened their first office in Egypt. In the same year, TMF Group acquired: - Paraty Capital, a Brazilian fund administration platform which focuses on private equity, infrastructure, venture capital and private debt funds - Novacon Bulgaria OOD (Novacon), provider of professional payroll, accounting and tax services across multiple sectors in Bulgaria for local and international firm - Isobel Audit Consulting's international payroll and accounting portfolio - Two Hong Kong-based entities: Focus Secretarial Services Limited, which offers company secretarial services, and Focus Corporate Consultancy Limited, an accounting, tax, payroll and business consultancy

Citation for acquiring Paraty Capital: https://www.privateequitywire.co.uk/tmf-group-acquires-paraty-capital/ Citation for acquiring Novacon: https://www.paminsight.com/epc/article/tmfexpandsinsoutheasteurope Citation for acquiring Isobel Audit Consulting: https://www.lemondeduchiffre.fr/cabinets/73570-groupe-tmf-fait-acquisition-portefeuille-international-paie-comptabilite-isobel-audit-consulting.html Citation for acquiring 2 Hong Kong based entities: https://www.mondaq.com/pressrelease/102500/tmf-group-expands-its-presence-in-apac-by-acquiring-two-hong-kongbased-firms

• Why it should be changed:

This page already contains information about some of TMF Group's acquisitions. This additional acquisition information gives a more comprehensive overview of the company's history.

• What I think should be changed (include citations):

Please add the following acquisition updates:

In 2023, TMF Group achieved 10000 employees across 12 offices and 86 jurisdictions. TMF Group also acquired: - PartnersAdmin LLC, a full-service outsourced fund administration provider based in USA. - Sino Corporate Services Group (SinoCSG), corporate secretarial, accounting, trust and fund administration services provider in the APAC region. - Goodbody Fund Management, part of Goodbody Stockbrokers UC (“Goodbody”). - PROVEN, a leading business outsourcing organisation in the Middle East. - KPK faServ India Private Limited (KPK), provider of financial accounting and consulting services in Bangalore, India - FIDD Group, a fund administration provider based in Brazil. - Avanzia Taxand Limited, part of the world’s largest independent tax organisation. - Contexpert, a company specialized in accounting, audit, tax and payroll services in Romania. - Premier Consulting SA, provider a range of accounting and tax compliance, HR, payroll and transfer pricing services in Greece

Citation for acquiring PartnersAdmin LLC: https://paddockcapitalmarkets.com/presence-acquiring-partnersadmin/ Citation for acquiring Sino Corporate Services Group: https://businesschief.asia/corporate-finance/tmf-expands-in-apac-with-sino-acquisition Citation for acquiring Goodbody Fund Managemen: https://institutionalassetmanager.co.uk/tmf-group-to-acquire-third-party-fund-services-business-goodbody-fund-management/ Citation for acquiring PROVEN: https://lpea.lu/tmf-group-expands-into-kingdom-of-saudi-arabia-by-acquiring-provens-corporate-services-business/ Citation for acquiring FIDD Group: https://www.assetservicingtimes.com/assetservicesnews/industryarticle.php?article_id=14706 Citation for acquiring Avanzia Taxand Limited: https://www.accountancytoday.co.uk/2023/08/21/tmf-group-acquires-avanzia-taxand-limited/ Citation for acquiring Contexpert: https://www.zfenglish.com/companies/tmf-group-expands-romanian-portfolio-with-acquisition-of-contexpert-22210951 Citation for acquiring Premier Consulting SA: https://www.accountancytoday.co.uk/2023/11/08/tmf-group-acquires-premier-consulting-in-greece/

In 2024, TMF Group acquired: - Seamless Global, provider of trusted and proven set of services to both the charity and commercial sectors in India - Vasco Trustees, one of Australia’s largest fund services providers across domestic and international markets - Matas Lorenzo, S.C. & KMC Campos y Campos, S.C., firms specialize in accounting, tax, payroll and fund services in Mexico - Auren S.C.’s accounting and tax, HR and payroll, and global entity management operations based in Uruguay - Stonehage Fleming Corporate Services South Africa (SFCS South Africa), formed by Stonehage Fleming Corporate Services Pty Ltd and Stonehage Fleming Trustees Pty Ltd

Citation for acquiring Seamless Global: https://www.crunchbase.com/acquisition/tmf-group-acquires-seamless-global--21df3e1d Citation for acquiring Vasco Trustees: https://www.assetservicingtimes.com/assetservicesnews/fundservicesarticle.php?article_id=15678&navigationaction=fundservicesnews&newssection=Fund%20Services Citation for acquiring Matas Lorenzo, S.C. & KMC Campos y Campos, S.C.: https://nearshoreamericas.com/tmf-group-bags-two-smaller-bpos-in-mexico/ Citation for acquiring Auren S.C.: https://www.assetservicingtimes.com/assetservicesnews/industryarticle.php?article_id=15832 Citation for acquiring Stonehage Fleming Corporate Services South Africa: https://www.financial-news.co.uk/tmf-group-expands-south-african-footprint-with-new-acquisition/

• Why it should be changed:

This page already contains information about some of TMF Group's acquisitions. This additional acquisition information gives a more comprehensive overview of the company's history. LAContent (talk) 12:04, 14 November 2024 (UTC)

 Not done. The amount of detail on company acquisitions that you are looking to add in this and the other 2 edit requests in WP:UNDUE and ultimately non-encyclopaedic information which is unlikely to be of interest even to the most avid reader. Axad12 (talk) 22:13, 15 November 2024 (UTC)

References