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TMF Group has grown by an average of 8% year-on-year since 2013.

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2021 results

TMF Group delivered produced a strong performance in 2021 as it delivered on its mission to become the way for clients to invest and operate safely around the world.

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TMF Group's 2021 annual report

8 March 2022

Summary and outlook

Revenue growth in 2021 was largely organic, driven by a focus on serving and growing business with existing clients as they consolidated more of their needs with TMF Group. At the same time, TMF Group grew fast in fund administration, strengthening its funds platform through the acquisitions of Selectra in Luxembourg and VBO in US.

EBITDA growth outpaced revenue growth, reflecting the simple operational leverage coming from more revenue being added to a relatively fixed global management structure.

TMF Group is one of the largest players in its sector, yet has just 3% share of what is a very fragmented market. That reflects the fact that clients have historically had to patch together coverage via many local firms to manage their administration.

TMF Group’s aim is to give clients a simple, single, trusted global solution. Its investments in global service teams, global digital delivery and data insights give clients a strong control benefit from consolidating their administration with TMF Group. In 2021 TMF KRAIOS, the new digital interface for clients, was launched, giving them access to data, regulatory monitoring and other risk insights.

As a result of that focus, TMF Group’s new business in 2021 was 39% up on 2020. That includes a number of totemic wins where TMF Group was appointed by leading asset managers and corporates to be their global partner for managing their SPV portfolio. Typically around two thirds of the revenue from new business begins in the following year, pointing to strong momentum heading into 2022.

Mark Weil headshot

“2021 was a pivotal year for the company in which our focus on becoming a single, global partner for our clients started to come good. The dramatic rise in client NPS and associated rise in client expansion mandates led to our strong revenue growth but also to our even stronger sales growth, pointing to faster growth ahead. In the end that comes down to a great management team able to translate our strategy into action and an incredible set of colleagues around the world delivering it every day in the way they serve our clients.”

Mark Weil,

TMF Group's CEO

Patrick de Graaf

“We finished the year ahead of forecast, marking twelve continuous quarters of revenue, EBITDA and cash growth. We are in a high recurring revenue, highly predictable business and set a lot of store in living up to our commitments. We enter 2022 in great shape with a tailwind from 2021 sales growth, higher colleague and client engagement and the operational leverage that putting more revenue into our global delivery engine brings.”

Patrick de Graaf,

TMF Group's CFO

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