Waystone

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.

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

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

• Fund administration services
• Regulatory compliance solutions
• Management company services
• UCITS ETF platform
• Fund governance solutions

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices20 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. Compliance Solutions: Regulatory compliance services including AEOI compliance (FATCA/CRS), cyber security, data protection, licensing, risk management, and ESG solutions.
4. ETF Platform Services: White-label UCITS ETF platform services enabling asset managers to launch and list ETFs across European exchanges.
5. 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

Core 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

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Muzinich & Co.coreGTM or Marketing Partner · 17 June 2026Muzinich & 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 InvestmentscoreGTM or Marketing Partner · 27 May 2026Mackenzie 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 TrustcoreTechnology or Integration · 7 May 2026Northern 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 InvestmentscoreGTM or Marketing Partner · 27 April 2026Calamos 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 InvestorscoreGTM or Marketing Partner · 2 October 2024Waystone 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

Broad 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

• LinkedInlinkedin.com/company/waystone

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waystone