SANNE breaks into North American market with FAS acquisition

Jersey-based fund administrator SANNE is to acquire New York-headquartered FLSV Fund Administration Services to expand into the North American market, the firm said in a statement on Monday.

The deal, valued at $65.8 million, is expected to be completed by the end of November.

FAS founders Jeffrey Hahn (CEO) and Brenda Grayson (COO) will remain with the business, heading up what will become SANNE’s North American operation following the completion of the deal.

The remaining FAS staff, numbering 75 in New York, and 40 in a service delivery office in Belgrade, Serbia, are also expected to remain with the firm.

FAS was founded in 2009 as a fund administration firm offering end-to-end accounting, operations, reporting, and investor services. It has an institutional client base across a range of alternative asset classes, including private equity, distressed debt, infrastructure and fund-of-funds managers.

The acquisition is the second made by SANNE in the past six months; it bought South Africa-based IDS for an estimated $19.6 million in March. A spokesperson for the firm said the two acquisitions represented the company’s dual organic and acquisition growth strategy.

SANNE is a specialist global provider of outsourced corporate, fund and private client administration reporting, and fiduciary services. It has offices across the globe, including Dubai, Hong Kong, and London.