The Vermilions
The Vermilions is a global network of independent fund administration firms, founded in 2019 by three Swiss-rooted partners, operating seven offices across Europe, the Caribbean, and Singapore. It serves investment funds, family offices, and corporate clients with NAV calculation, fund formation, compliance, and independent director services across over USD 10b in assets under administration.
- Company typePrivate
- Founded2019
- HeadquartersZürich, Switzerland
- Headcount51–100
- GTM typeB2B
- OfferingServices
What The Vermilions does
The Vermilions is a global network of independent fund administration and fund management firms, established in 2019 by three founding partners — PvB Pernet von Ballmoos AG, Swiss Financial Services, and VBK+CO Group Holding SA, each with roots dating to 1985. The network operates seven offices across Switzerland, the Netherlands, Ireland, the British Virgin Islands, the Cayman Islands, and Singapore, and employs more than 62 staff globally. It administers in excess of USD 10 billion in Assets under Administration across long-only, hedge fund, private equity, real estate, CTA, and fund-of-funds strategies.
The core service offering spans eight modules: formation assistance, fund accounting (NAV calculation), investor services with AML compliance, middle office services for alternative portfolios, a FINMA-regulated platform for portfolio managers in Switzerland, distribution and representation services in Switzerland, and independent personal directors. The technology stack is not proprietary — services are delivered through human-led, partner-managed client engagements rather than a software platform. Revenue is generated through managed-services fees tied to assets under administration and scope of services, supplemented by professional-services fees for formation, distribution, representation, and independent director mandates.
The go-to-market is enterprise field sales, targeting investment funds, family offices, and corporate clients directly via managing partners. All founding firms are majority owned by the operating partners, with no external venture or private equity capital disclosed. The competitive positioning emphasizes boutique customization, low staff turnover, cross-jurisdictional regulatory coverage, and direct partner access — a deliberate alternative to large corporate fund administrators.
The Vermilions firmographics
Firmographics- Name
- The Vermilions
- Legal name
- The Vermilions
- Website
- https://the-vermilions.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- The Vermilions is a global network of independent fund administration firms, founded in 2019 by three Swiss-rooted partners, operating seven offices across Europe, the Caribbean, and Singapore. It serves investment funds, family offices, and corporate clients with NAV calculation, fund formation, compliance, and independent director services across over USD 10b in assets under administration.
- Ownership category
- akta.pro rank
The Vermilions industry classification
Industry- Product category
- Fund Administration Services
- NAICS
- Other Financial Investment Activities (5239), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Finance Services (6199), Services-Engineering, Accounting, Research, Management (8700)
- akta.pro primary industry
- Unit Registry & Transfer Agency for Alternatives (Private Funds, SPVs, Closed-End) (FSAAAMAK)
- akta.pro secondary industries
- AML/KYC, Investor Onboarding & Compliance Services (FSAAAMAE), Fund Custody & Depositary Services (UCITS/AIFMD & Mutual Funds) (FSAFAHAD)
Keywords
Where The Vermilions is headquartered
LocationHeadquarters
- HQ city
- Zürich
- HQ country
- Switzerland
- HQ region
- Europe
Offices6 records
Markets served
The Vermilions business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Fund Administration Services: Fees for fund administration services including NAV calculation, registrar and transfer agency, middle office services, and compliance. Revenue derived from assets under administration and scope of services provided.
- Fund Management and Formation: Fees for helping fund managers set up investment vehicles, providing FINMA regulated platforms for portfolio managers in Switzerland, and distribution support services.
- Independent Director Services: Providing independent personal directors on a case-by-case basis for fund governance.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
The Vermilions product offering
Product offeringCore offering
The Vermilions provides independent fund administration, fund management, accounting, and compliance services through a global network of seven offices. Its core service suite covers Formation Assistance, Fund Accounting (NAV calculation), Investor Services (registrar/transfer agency with AML compliance), Middle Office Services for alternative portfolios, a FINMA-regulated Swiss platform for portfolio managers, Distribution and Representation Services in Switzerland, and Independent Director appointments. The offering is directed at investment funds, family offices, and corporate clients across all major fund jurisdictions.
Product overview
The Vermilions is a global independent fund administration and fund management network offering a comprehensive suite of services. The core offering comprises eight integrated service modules: Formation Assistance (helping fund managers establish investment vehicles), Fund Accounting (NAV calculation and related services), Investor Services (registrar/transfer agency with AML compliance), Middle Office Services (for alternative investment portfolios), a FINMA-regulated Platform for Portfolio Managers in Switzerland, Distribution Services (distribution support in Switzerland), Representation Services (representing foreign funds in Switzerland), and Independent Directors (providing independent personal directors). Together, these services cover all major fund jurisdictions and support strategies including long only, hedge fund, private equity, real estate, CTA, and fund of funds.
Differentiator
Problem solved
Functional benefit
Products and services
- Formation Assistance Service helping fund managers set up the appropriate investment vehicles for their funds.
- Fund Accounting Calculation of Net Asset Values (NAV) and provision of related accounting services for investment funds.
- Investor Services Registrar and transfer agency services for investment funds, including full adherence to due diligence and relevant AML regulations.
- Middle Office Services Middle office services for clients with alternative investment portfolios.
- Platform for Portfolio Managers in Switzerland FINMA-regulated platform enabling portfolio managers in Switzerland to manage collective investment schemes or institutional mandates.
- Distribution Services Distribution support services for funds in Switzerland.
- Representation Services Acting as representatives for foreign funds in Switzerland.
- Independent Directors Provision of independent personal directors on a case-by-case basis for fund governance.
Companies that use The Vermilions
Customer profileSegments3 records
Ideal customer profiles3 records
The Vermilions technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
The Vermilions partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- PvB Pernet von Ballmoos AGcoreOne of three founding firms that established The Vermilions in 2019. Majority owned by people in charge of daily business. Provides Swiss-based fund administration and management services. FINMA regulated platform provider for portfolio managers in Switzerland.
- Swiss Financial ServicescoreOne of three founding firms that established The Vermilions in 2019. Majority owned by people in charge of daily business. Swiss-based financial services firm serving as founding partner in the network.
- VBK+CO Group Holding SAcoreOne of three founding firms that established The Vermilions in 2019. Majority owned by people in charge of daily business. Holding company that is part of the founding trio empowering The Vermilions network.
Scale indicators4 records
Recent moves3 records
Expansion highlights4 records
The Vermilions competitors and assessment
Company assessmentBroad incumbents
- Apex Group: Large global fund administration and financial services platform, formed through extensive roll-up acquisitions. Comparable across the full suite of fund admin, transfer agency, and middle office services for alternatives.
- MUFG Investor Services: Global fund services arm of MUFG providing fund administration, custody, and middle office across alternative strategies. Overlapping service suite and target client base, though much larger and balance-sheet-backed.
- Citco Fund Services: One of the largest independent fund administrators globally, with deep alternative-fund coverage. Comparable in service breadth and target segment, but substantially larger and more technology-enabled.
Direct peers
- IQ-EQ: Global fund administration and investor services provider with a strong boutique/independent positioning across multiple jurisdictions. Closely comparable in target clients (fund managers, family offices) and high-touch service model.
- Maples Group: Cayman-headquartered global fund administration and fiduciary services firm. Highly comparable given The Vermilions' Cayman/BVI office presence, alternative-fund (hedge, PE, real estate) focus, and boutique independent model.
- TMF Group: Global provider of fund administration, corporate services, and compliance across 80+ jurisdictions. Directly comparable across multi-jurisdictional fund administration, AML/KYC services, and formation support for alternative funds.
- PraxisIFM: Boutique fund administration and corporate services group with presence in multiple offshore and onshore jurisdictions. Comparable in scale and approach, particularly on alternative-fund administration.
- Circle Partners (Circle Finsbury): Independent fund administration and corporate services firm serving investment managers and family offices. Comparable boutique positioning and emphasis on personalized service versus larger administrators.
- Alter Domus: Luxembourg-headquartered fund administration and servicing firm focused on alternative investments (PE, real estate, debt, infrastructure). Highly comparable given The Vermilions' private equity, real estate, and CTA administration.
- Ocorian: Boutique-leaning global fund administration, corporate, and fiduciary services firm with multi-jurisdictional coverage. Directly comparable on client base, jurisdiction spread, and independent governance offerings.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
The Vermilions social profiles
Digital presenceThe Vermilions financial estimates
Financial estimateRevenue estimate
Valuation estimate
The Vermilions leadership team
Management profileNumber of profiles
The Vermilions funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
The Vermilions M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about The Vermilions
What does The Vermilions do?
The Vermilions provides independent fund administration, fund management, accounting, and compliance services through a global network of seven offices. Its core service suite covers Formation Assistance, Fund Accounting (NAV calculation), Investor Services (registrar/transfer agency with AML compliance), Middle Office Services for alternative portfolios, a FINMA-regulated Swiss platform for portfolio managers, Distribution and Representation Services in Switzerland, and Independent Director appointments. The offering is directed at investment funds, family offices, and corporate clients across all major fund jurisdictions.
Is The Vermilions a public or private company?
The Vermilions is a private company. It is classified as management employee owned and is currently operating.
When was The Vermilions founded?
The Vermilions was founded in 2019. It employs 51 to 100 people.
Where is The Vermilions based?
The Vermilions is headquartered in Zürich, Switzerland, in the Europe region.
How does The Vermilions make money?
Three revenue lines are on record. Fund Administration Services are the primary driver. The others are fund Management and Formation and independent Director Services.
Who are The Vermilions's main competitors?
Broad incumbents on record are Apex Group, MUFG Investor Services and Citco Fund Services. Direct peers are IQ-EQ, Maples Group, TMF Group, PraxisIFM, Circle Partners (Circle Finsbury), Alter Domus and Ocorian.
Does The Vermilions have an API?
No public API is recorded for The Vermilions.
What industry is The Vermilions in?
The Vermilions's product category is Fund Administration Services. Its primary akta.pro industry code is FSAAAMAK, Unit Registry & Transfer Agency for Alternatives (Private Funds, SPVs, Closed-End), with a secondary code of FSAAAMAE, AML/KYC, Investor Onboarding & Compliance Services. Its NAICS code is 5239 and its SIC code is 6199.