Waystone Acquires BIL Manage Invest from Banque Internationale à Luxembourg (BIL)

Legend Holdings Launches Sale Process for Nearly 90% Stake in Banque Internationale à Luxembourg (BIL)

September 21, 2026

Financial Services

Legend Holdings has launched a sale process for its 89.9% stake in Banque Internationale à Luxembourg (BIL), potentially valuing the bank at around €2.5 billion or more. The process, handled with Goldman Sachs, is at an early stage and does not guarantee a transaction will be completed.

MAI Capital Management Acquires WaterStone Investment Counsel

January 22, 2024

Wealth Management

MAI Capital Management has acquired WaterStone Investment Counsel, adding $144 million in client AUM and expanding MAI's Cincinnati footprint. WaterStone will adopt MAI's brand; founders Mark Roberts and Don Brosz will become Senior Wealth Advisors and gain access to MAI's broader capabilities such as tax and estate planning.

Montagu Acquires Waystone; Hg Joins as Strategic Investor

July 1, 2021

Financial Services

Montagu has completed its acquisition of Waystone, a Dublin-based provider of fund governance, risk and compliance services, with Hg joining as a strategic investor and joint shareholder. The deal — in which MML Capital Partners exited its investment — will support Waystone's further geographic and product expansion and accelerated M&A-driven growth; the transaction has been reported at around $1.3 billion. Waystone serves clients with more than US$1 trillion in AUM and will continue to be led by CEO Derek Delaney alongside the new investor group.

Waystone Merges Four Compliance Firms to Create Waystone Compliance Solutions

June 1, 2021

Consulting

Waystone, a portfolio company backed by MML, has merged four specialist regulatory compliance firms — Titan Regulation, Argus Global, CCL Compliance and ISAS — into a single global practice called Waystone Compliance Solutions. The transaction expands Waystone’s geographic footprint into North America, Singapore, the UK, the Middle East and Ireland and was completed with financial support from CVC Credit Partners and MML.

DMS, MontLake and MDO Merge to Form Waystone (MML-backed)

March 1, 2021

Financial Services

DMS, MontLake and MDO have been consolidated and rebranded as Waystone following growth and multiple transactions since MML Capital’s investment in August 2019. The combined business operates across eight jurisdictions with more than 320 employees and positions Waystone as a global governance, fund administration and third-party management platform for asset managers and institutional investors.

DMS Governance (Waystone) Acquires Azienda Financial Services

December 1, 2020

Financial Services

DMS Governance (now Waystone), backed by private equity investor MML Capital Partners, has acquired Azienda Financial Services, an independent corporate and structured finance administration provider based in Luxembourg. The deal strengthens DMS/Waystone's structured finance capabilities and expands its footprint in Luxembourg and the surrounding region as the firm's fifth transaction under MML's investment.