SANNE, the specialist provider of outsourced corporate, fund and private client administration, reporting and fiduciary services, has entered into an agreement to acquire International Finance Services Limited and IFS Trustees (“The IFS Group”). The transaction is set to complete in Q1 2017 following regulatory and shareholder approvals.
The IFS Group is a leading Mauritius-based provider of fund and corporate administration services to corporates and alternative asset managers. Founded in 1993, the IFS Group provides services to more than 1,000 global entities, and has assets under administration in excess of $82 billion. The IFS Group has a large existing revenue base across funds and corporate structures for investment in to India and Africa. The IFS Group has a largely institutional client base, with a high concentration of assets under administration being funded from the US or Cayman.
Dean Godwin, chief executive officer of Sanne, commented: ’This acquisition enables SANNE to further realise its ambition of building a leading, global business. The IFS Group is highly profitable, with a service offering and client base extremely complementary to SANNE’s. Mauritius is one of the leading international financial centres for foreign investment into Africa and India and this transaction provides us with a significant platform to both support clients in these attractive regions and grow our emerging markets presence. I am delighted to welcome the IFS Group team to SANNE and we are excited about the opportunities to come.’
Mauritius is one of the leading international financial centres for foreign investment into Africa and India. This acquisition provides SANNE with a significant platform from which to expand the Group’s exposure to the emerging markets and to clients looking for support with their emerging markets structuring requirements. The IFS Group will form the core of a new standalone division operating as SANNE’s new emerging markets-focused platform.
SANNE’s management team will work with the IFS Group’s management team (who will remain unchanged post acquisition) to integrate the Group’s people, clients and systems into the SANNE operating model. Following the completion of the transaction SANNE will engage with more than 950 staff internationally, administer assets in excess of £160bn and have global expertise spread across recognised international finance centres located in the Americas, Europe, Africa and Asia-Pacific.
Couldiplall Lala, founder director of IFS, commented: ’We are extremely proud of the business that we have established over the past 20 years and, whilst Sanne is a large organisation with global reach, they share many similarities with our business, in particular the value they place on client service. We look forward to being an integral part of the next phase of growth.’