GLOBAL CUSTODIAN
February 14 2007, 9:58 amGlobal Operations and Administration Limited (GOAL), a provider of tax
reclamation services, has acquired Magenta One, a securities class
actions specialist.
As a wholly owned subsidiary of GOAL, the business will trade under the
new name of Magenta One Global Limited, operating out of GOAL’s
headquarters in the City of London.
David Monks will continue to lead the sales team, targeting custodian
banks, pensions funds, fund managers and brokerages, many of whom could
be squandering substantial compensation by not participating in
securities class actions.
“The acquisition of Magenta One represents a natural extension of the
core capabilities and processes that we have built at GOAL, helping the
investment community recover their rightful returns,” says Stephen
Everard, the Managing Director of GOAL. “As such, we intend to enhance
and extend the existing class actions business to the tangible benefit
of our inherited customers, as well as offering our new services to
existing tax reclamation customers. Previously, GOAL has calculated that
some USD6 billion lies unreclaimed globally by cross-border investors
each year; and Magenta One’s successful track-record of compensation
pay-outs indicates that even higher sums are lost because institutions
are neglecting securities class actions. This is an exciting opportunity
for the GOAL Group and its customers.”
