Waystone
Waystone is a Dublin-headquartered, Montagu-backed provider of governance, risk, compliance, and fund administration services to global asset managers, operating as the largest third-party UCITS/AIFM Management Company across 20+ jurisdictions.
- Company typePrivate
- Founded2021
- HeadquartersDublin, Ireland
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Waystone does
Waystone is a Dublin-headquartered provider of institutional governance, risk, and compliance services to the global asset management industry, formed in March 2021 through the merger of DMS, Montlake, and MDO and backed by private equity firm Montagu. The company acts as the largest third-party UCITS and AIFM Management Company (ManCo), an independent UK Authorised Corporate Director (ACD), and a global fund administrator, holding direct regulatory authorizations from the Central Bank of Ireland, CSSF (Luxembourg), FCA (UK), FINMA (Switzerland), CMA (UAE), SEC (US), CIMA (Cayman), BMA (Bermuda), and DFSA, among others. It supports asset managers with more than US$2 trillion in aggregate assets, of which over US$400 billion sits under Waystone's direct ManCo oversight.
The company's service platform spans regulated fund solutions (AIFM, UCITS, ACD, UAE onshore management company, Swiss fund representation, MiFID), a white-label institutional UCITS ETF platform that has launched ETFs for Muzinich, Calamos, American Century/Avantis, and Mackenzie Investments, global fund administration for traditional and alternative asset classes (private equity, hedge, credit, real estate, ILS, SPVs, aviation, securitisation), Cayman governance and independent directors, compliance and ESG advisory, AEOI/FATCA-CRS reporting, and distribution support. Its technology stack centres on the proprietary RiskCore platform for AIFMD risk analytics and a proprietary tax information technology for FATCA/CRS obligations, complemented by Fenergo's AI-driven KYC and client lifecycle management tooling.
Waystone earns revenue predominantly on a recurring subscription and managed-services basis: ManCo/ACD oversight fees, fund administration fees scaled to AUM and complexity, white-label ETF platform fees, and professional-services fees for compliance, ESG, and distribution engagements. Pricing is quote-based and not publicly disclosed. The go-to-market combines direct enterprise sales to asset managers with white-label platform partnerships that embed Waystone's regulatory infrastructure into asset managers' European product launches. The firm operates more than 20 offices across Europe, North America, the Middle East, Asia, and the Cayman Islands, employing over 1,700 professionals, with growth driven by a Montagu-supported acquisition strategy that has absorbed KB Associates, Centaur Fund Services, Link Fund Solutions, and BIL Manage Invest.
Waystone firmographics
Firmographics- Name
- Waystone
- Legal name
- Waystone
- Website
- https://waystone.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Waystone is a Dublin-headquartered, Montagu-backed provider of governance, risk, compliance, and fund administration services to global asset managers, operating as the largest third-party UCITS/AIFM Management Company across 20+ jurisdictions.
- Ownership category
- akta.pro rank
Waystone industry classification
Industry- Product category
- Fund Administration & Management Company Services
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Fund Depositary (UCITS/AIFMD & Trustee Oversight) (FSAAAOAC)
Keywords
Where Waystone is headquartered
LocationHeadquarters
- HQ city
- Dublin
- HQ country
- Ireland
- HQ region
- Europe
Offices20 records
Markets served
Waystone business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- AIFM and UCITS Management Company Services: Waystone is the largest third party UCITS and AIFM Management Company (ManCo) providing full regulatory oversight, governance, and operational support to asset managers across Europe.
- Fund Administration Services: Global fund administration solutions for all types of fund investment vehicles including private equity, hedge funds, credit funds, real estate funds, and ILS funds.
- Compliance Solutions: Regulatory compliance services including AEOI compliance (FATCA/CRS), cyber security, data protection, licensing, risk management, and ESG solutions.
- ETF Platform Services: White-label UCITS ETF platform services enabling asset managers to launch and list ETFs across European exchanges.
- Distribution Solutions: Distribution services helping fund managers address complex European and UK fund distribution challenges.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Waystone product offering
Product offeringCore offering
Waystone is a global provider of institutional governance, risk, compliance, and administration services to the asset management industry. Its core offerings include AIFM and UCITS Management Company services, fund administration across all asset classes, white-label UCITS ETF platform services, regulatory compliance and ESG solutions, Cayman fund governance services, and European/UK distribution solutions, supported by proprietary platforms such as RiskCore and a tax information technology system.
Product overview
Waystone is a leading global asset-servicing solutions provider offering a comprehensive platform of institutional governance, administration, risk and compliance services to the asset management industry. The company operates as a unified platform with multiple integrated service lines: Regulated Fund Solutions (including AIFM/UCITS Management Company, UK ACD, UAE management company, Swiss fund solutions, and MiFID services), Waystone ETFs (institutional ETF platform), Administration Solutions (fund administration, SPVs, corporates, aviation, securitisation, transfer agency, depositary services), Cayman Solutions (independent directors, fund platform, AML compliance, corporate services), Compliance Solutions (corporate-level regulatory compliance), ESG Solutions (advisory and portfolio monitoring), Distribution Solutions (European and UK fund distribution), and AEOI Compliance Services (FATCA/CRS). The portfolio is anchored by proprietary platforms including RiskCore for risk analytics and the Waystone ETF platform for white-label ETF launches. Waystone manages over $400bn AUM and supports asset managers with more than US$2tn in assets. The company was formed in March 2021 from a merger between DMS, Montlake and MDO.
Differentiator
Problem solved
Functional benefit
Brands
- Montlake UCITS Fund Platform: UCITS platform offering managers and investors a non-conflicted UCITS platform of choice.
- Waystone ETFs
- Centaur Fund Services
- KB Associates
Products and services
- Regulated Fund Solutions Comprehensive regulated fund solutions including AIFM and UCITS Management Company services, UK Authorised Corporate Director (ACD) services, UAE onshore management company solutions, Swiss fund solutions, MiFID services, and distribution solutions across multiple jurisdictions for asset managers.
- Waystone ETFs Institutional white-label ETF platform operator offering comprehensive fund hosting capabilities for asset managers launching and managing UCITS ETFs across global markets, including listing on European exchanges.
- Administration Solutions Global fund administration solutions tailored for all types of fund investment vehicles, including funds, special purpose vehicles (SPVs), corporates, aviation vehicles, securitisation vehicles, transfer agency services, and depositary lite services.
- Cayman Solutions Comprehensive Cayman Islands services including independent fund directors, Cayman fund platform, Private Funds Act compliance, AML compliance services, corporate services, board support services, economic substance solutions, and compliance monitoring tools.
- Compliance Solutions Corporate-level regulatory compliance services with teams across global operations providing tailored compliance solutions to help clients navigate the ever-changing regulatory landscape.
- ESG Solutions Advisory and analytics services designed to help investment managers establish and enhance their ESG offerings, including European ESG solutions, ESG advisory, and ESG portfolio monitoring.
- Distribution Solutions Comprehensive distribution solutions helping fund managers address complex European and UK fund distribution challenges, including investment solutions leveraging cross-jurisdiction fund distribution services.
- AEOI Compliance Services International tax compliance services providing FATCA/CRS obligations support using proprietary tax information technology to ensure reporting financial institutions fulfil their ITC obligations.
- Risk Management and Regulatory Reporting AIFMD risk management services using RiskCore, a market-leading technology platform, for independent risk analytics and regulatory reporting for portfolios.
- MiFID Services A range of MiFID-compliant services meeting current and upcoming regulatory requirements for investment firms.
- Trade Execution and Investment Servicing Solutions Investment servicing and trade execution services delivered by experienced operations professionals, standalone or in conjunction with AIFM/UCITS Management Company solutions.
Quantifiable outcome
- Assets under management supported: US$2 trillion+
- +3 more outcomes
Companies that use Waystone
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles4 records
Waystone technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability2 records
Feature3 records
Waystone partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- Muzinich & Co.coreMuzinich & Co. partnered with Waystone's white-label ETF platform to launch the Muzinich AAA CLO UCITS ETF, providing exposure to AAA-rated collateralised loan obligation bonds. The ETF is available across UK, Austria, Belgium, Germany, France, Italy, Spain, and Singapore.
- Mackenzie InvestmentscoreMackenzie Investments partnered with Waystone to expand its European presence with the launch of the Mackenzie UCITS Fund, making the Mackenzie Quantitative Emerging Markets Large Cap strategy available in UCITS format.
- Northern TrustcoreNorthern Trust announced support for the launch of the Calamos Autocallable Income UCITS sub fund on Waystone's ETF platform, marking Europe's first autocallable ETF.
- Calamos InvestmentscoreCalamos launched the Calamos Autocallable Income UCITS ETF on Waystone's Irish-domiciled ETF ICAV platform, marking Europe's first autocallable ETF. The fund offers high monthly income potential with exposure to over 52 autocallables, listed on Xetra, LSE, and SIX.
- American Century/Avantis InvestorscoreWaystone was appointed to support American Century's Avantis Investors launch of UCITS ETFs on Waystone's platform, representing American Century's first European ETF offerings.
Scale indicators7 records
Recent moves10 records
Expansion highlights6 records
Waystone competitors and assessment
Company assessmentBroad incumbents
- Apex Group: Apex Group is one of the largest global fund administrators and corporate services providers, with thousands of staff across all major financial centers. It competes with Waystone across fund administration, depositary, ManCo, and corporate services, but at a much larger scale and broader scope including private equity, hedge fund and corporate services that Waystone does not cover as deeply.
- SS&C Technologies: SS&C Technologies is a large listed financial services software and services company whose GlobeOp fund administration division is one of the largest fund administrators globally. It competes with Waystone in hedge fund and alternative fund administration but operates as part of a much broader portfolio that includes software, transfer agency, and wealth management.
- TMF Group: TMF Group is a global provider of corporate services, fund administration, and ManCo services across 80+ jurisdictions. It overlaps directly with Waystone in fund administration, depositary, and corporate services but with a heavier weighting toward corporate secretarial and accounting services for multinational corporates.
- MUFG Investor Services: MUFG Investor Services is the fund services arm of Mitsubishi UFJ Financial Group and one of the largest hedge fund and alternative fund administrators globally. It overlaps with Waystone's Centaur fund administration business for alternative investment funds but is part of a much larger banking group.
Direct peers
- Carne Group: Carne Group is a specialist provider of third-party UCITS/AIFM Management Company services and governance solutions to the asset management industry, the closest like-for-like competitor to Waystone's core ManCo business. Both compete for the same boutique and mid-sized asset manager mandates seeking outsourced ManCo oversight under UCITS and AIFMD.
- JTC Group: JTC Group is a publicly listed fund administration, corporate services, and private client services provider with significant European presence. It directly competes with Waystone in fund administration and AIFM services and is a relevant scale benchmark as a listed peer (~$1.5B market cap) of similar employee headcount to Waystone.
- Ocorian: Ocorian is a global fund administration, ManCo, and corporate services provider serving asset managers, private equity, real estate, and debt funds. It directly competes with Waystone's ManCo, fund administration, and AIFM services across Europe, with overlapping jurisdictions in Ireland, Luxembourg, and the UK.
- Alter Domus: Alter Domus is a specialist fund administration and ManCo services provider focused on private equity, real estate, debt, and infrastructure funds. It is a relevant competitor for Waystone's alternative fund administration franchise (Centaur) and has overlapping jurisdictional presence across Europe.
- IQ-EQ: IQ-EQ is a global investor services group providing fund administration, AIFM/ManCo, depositary, and compliance services to private capital and traditional asset managers. It directly competes with Waystone in fund administration and ManCo across Luxembourg, Ireland, and the UK and is a comparable scale peer.
- Sanne Group: Sanne Group was a UK-listed specialist provider of fund administration, ManCo, and corporate services to alternative and traditional asset managers, until acquired by Apex Group in 2022. It is highly comparable to Waystone in service mix and scale, and remains a useful valuation and operating benchmark for the fund services category.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Waystone social profiles
Digital presenceWaystone financial estimates
Financial estimateRevenue estimate
Valuation estimate
Waystone leadership team
Management profileNumber of profiles
Profiles19 records
Waystone subsidiaries and ownership
Company hierarchySubsidiaries4 records
Waystone funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Waystone M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Waystone
What does Waystone do?
Waystone is a global provider of institutional governance, risk, compliance, and administration services to the asset management industry. Its core offerings include AIFM and UCITS Management Company services, fund administration across all asset classes, white-label UCITS ETF platform services, regulatory compliance and ESG solutions, Cayman fund governance services, and European/UK distribution solutions, supported by proprietary platforms such as RiskCore and a tax information technology system.
Is Waystone a public or private company?
Waystone is a private company. It is classified as private equity controlled and is currently operating.
When was Waystone founded?
Waystone was founded in 2021. It employs 501 to 1,000 people.
Where is Waystone based?
Waystone is headquartered in Dublin, Ireland, in the Europe region.
How does Waystone make money?
Five revenue lines are on record. AIFM and UCITS Management Company Services are the primary driver. The others are fund Administration Services, compliance Solutions, ETF Platform Services and distribution Solutions.
Who are Waystone's main competitors?
Broad incumbents on record are Apex Group, SS&C Technologies, TMF Group and MUFG Investor Services. Direct peers are Carne Group, JTC Group, Ocorian, Alter Domus, IQ-EQ and Sanne Group.
Does Waystone have an API?
No public API is recorded for Waystone.
What industry is Waystone in?
Waystone's product category is Fund Administration & Management Company Services. Its primary akta.pro industry code is FSAAAOAC, Fund Depositary (UCITS/AIFMD & Trustee Oversight). Its NAICS code is 52394 and its SIC code is 6282.