NCM

What NCM does

NCM is an independent, owner-managed fund and corporate administration services firm founded in 2009 via a strategic buyout from Edinburgh-based Noble Group, headquartered at 7 Castle Street, Edinburgh. The company delivers outsourced fund administration, corporate services, regulatory services, and AIFMD-compliant depositary services to alternative investment fund managers (private equity, venture capital, private debt, real assets, renewables, social impact) and international corporates. It operates four offices across Edinburgh, London (opened 2017), Jersey (opened 2022, JFSC-regulated), and Guernsey (GFSC-regulated), with a team of over 85 professionals, and holds three FCA authorisations, JFSC and GFSC regulatory licences, plus Authorised Corporate Service Provider status. The business is run by CEO Kathleen McLeay with Chairman Henry Chaplin under holding entity Chaplin Finance Limited.

The technology stack is built around the FIS fund accounting platform integrated with a proprietary Investor Portal that delivers quarterly reports, capital call and distribution statements, and interactive performance dashboards. NCM has invested in a digital onboarding solution to streamline investor onboarding, and uses KYC360 RiskScreen for AML/KYC screening with data feeds from leading global providers. The firm holds Cyber Essentials Plus accreditation, Good Business Charter accreditation (2024), and ACCA Approved Employer status supporting a 3-year graduate training contract in Edinburgh. Distribution is entirely direct - a director-led B2B sales model with experienced directors engaging institutional clients and building dedicated service teams around client-specific needs.

Revenue is generated through professional services fees for fund administration, corporate services, regulatory services, and depositary engagements, priced per engagement based on scope, fund complexity, and service requirements. No public pricing schedule exists. The firm is private, self-funded with no external capital, and does not disclose revenue. Geographic expansion (Jersey in 2022, Guernsey), sector specialisation across six alternative asset verticals, and ongoing team build-out (graduate programme, data engineering, compliance) indicate a mid-market specialist pursuing steady, organic growth within its niche.

Name

NCM

Legal name

NCM Fund & Corporate Services

Website

https://ncm.group

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Fund Administration Services

NAICS

Finance and Insurance (52), Trusts, Estates, and Agency Accounts (525920)

SIC

Finance Services (6199)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI)

Keywords

• Fund administration services
• Corporate administration services
• Depositary services
• Fund accounting services
• Regulatory compliance services

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Administration Services: Comprehensive fund and corporate services including fund accounting, financial reporting, investor relations, NAV calculations, capital call/distribution processing, and audit management for alternative investment funds
2. Corporate Services: Company secretarial services, registered office provision, AML management, provision of directors, and statutory filings for UK and Jersey entities
3. Regulatory Services: FCA authorised operator services, compliance monitoring and reporting, FATCA reporting, fund establishment and capital raising support
4. Depositary Services: AIFMD-compliant depositary services for closed-ended private equity and real estate funds, including cashflow monitoring, asset verification, and general oversight of AIFM operations

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

NCM provides outsourced fund administration, corporate administration, regulatory, and AIFMD-compliant depositary services to alternative investment funds (private equity, venture capital, private debt, real assets, renewables, social impact) and international corporates. Services include fund accounting, NAV calculations, investor relations, capital call and distribution processing, audit management, company secretarial, registered office, AML management, and statutory filings, delivered through dedicated service teams across the UK, Jersey, and Guernsey.

Product overview

NCM is a fund and corporate administration services business offering outsourced solutions to alternative investment funds and international corporates. The core service portfolio comprises four main products: Fund Services (specialist accounting, NAV calculations, investor relations), Corporate Services (company secretarial, AML management, statutory filings), Regulatory Services (FCA compliance, operator functions), and Depositary Services (AIFMD-compliant oversight for PE/real estate funds). These services are delivered across six specialised sectors: Private Equity, Venture Capital, Social Impact, Renewables, Real Assets, and Private Debt. An integrated Investor Portal provides clients with secure access to financial reporting and interactive dashboards. The company operates from offices in Edinburgh, London, Jersey, and Guernsey with a team of over 85 people.

Differentiator

Problem solved

Functional benefit

Products and services

• Fund Services Multi-disciplinary fund administration service providing specialist accounting, financial reporting, investor relations, NAV calculations, audit management, capital call and distribution processing, and cash management for alternative investment funds including private equity, venture capital, private debt, real assets, renewables, and social impact.
• Corporate Services

Quantifiable outcome

• Services delivered through separate legal entity with ring-fenced team while benefiting from wider Group operational scale

Segments7 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• FIS (Financial Industry Solutions)coreTechnology or IntegrationFIS provides hosted accounting platform services for fund accounting and administration. NCM utilises FIS's globally recognised solution for financial accounting and reporting which integrates directly into their investor portal, providing seamless information delivery through secure digital channels.
• KYC360 RiskScreencoreTechnology or IntegrationProvides KYC and AML onboarding services including ongoing screening for client compliance. NCM utilises their data sets for continual screening capability to ensure compliance obligations are met while delivering operational efficiencies.
• Good Business CharterminorOthersNCM achieved accreditation with the Good Business Charter, recognising responsible business behaviour across ten key components including Real Living Wage, fair contracts, employee wellbeing, and environmental responsibility.
• Optimise PerformanceminorOthersWell-being programme provider engaged by NCM to deliver staff wellness sessions covering nutrition, energy management, stress management, and recovery nutrition through lunchtime sessions in the boardroom.

Scale indicators4 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Ocorian: Ocorian is a fund administration, corporate services, and fiduciary services provider with strong Jersey and Guernsey presence alongside UK and international offices. Directly comparable to NCM in serving alternative investment funds with administration, depositary, corporate, and compliance services.
• IQ-EQ: IQ-EQ is a global fund administration and corporate services group with significant operations in Jersey, Guernsey, Luxembourg, Ireland, and the UK. Comparable to NCM in serving PE, VC, real estate, debt, and infrastructure fund managers with administration, depositary, and corporate secretarial services.
• Langham Hall: Langham Hall is an independent fund administration firm specializing in private equity, venture capital, real estate, and debt fund mandates, with offices in the UK, Channel Islands, and other locations. Highly comparable to NCM in mid-market alternative fund admin positioning and boutique service model.
• JTC Group: JTC is a publicly listed fund, corporate, and private client services provider with material operations across Jersey, Guernsey, the UK, and other offshore centers. Closely comparable to NCM in offering fund administration, depositary, and corporate services to alternative asset managers, with similar jurisdictional coverage.
• Aztec Group: Aztec Group is a Channel Islands-headquartered fund and corporate administration provider serving alternative investment funds across Jersey, Guernsey, the UK, and beyond. Directly comparable to NCM in target clients (PE, VC, private debt, real assets), service mix (fund admin, depositary, corporate services), and geographic footprint (including Jersey/Guernsey).
• Circle Partners: Circle Partners is an independent corporate services, fund administration, and AIFM support firm operating in Jersey, Guernsey, the UK, and Ireland. Closely comparable to NCM in target clientele (PE/VC/real estate funds), service mix, and Crown Dependencies focus.
• Sanlam Fund Services / Sanne (now part of Apex): Sanne (acquired by Apex) was a UK-listed specialist administrator for alternative asset managers providing fund administration, depositary, and corporate services. Directly comparable to NCM's core fund administration and depositary offerings for PE, VC, debt, and real estate funds.

Broad incumbents

• Maples Group: Maples Group is a major global financial services firm providing fund administration, fiduciary, and regulatory services across the Cayman Islands, Ireland, Jersey, and other jurisdictions. Overlaps with NCM in fund administration and corporate services for alternative asset managers, though at significantly larger scale.
• Apex Group: Apex Group is a global financial services provider offering fund administration, depositary, and corporate services across major fund jurisdictions including the UK and Channel Islands. Directly comparable service offering to NCM for alternative asset managers, but operating at a vastly larger scale following aggressive M&A.
• TMF Group: TMF Group is a global corporate services and fund administration provider present in 80+ jurisdictions including the UK, Jersey, and Guernsey. Broadly comparable to NCM in corporate secretarial, fund administration, and regulatory services, though at materially greater scale and with a much wider service portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ncm-fund-and-corporate-services

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about NCM