SANNE eyes EM exposure with latest acquisition

Fund administrator SANNE has made its third acquisition of the year, buying Mauritius-based International Financial Services Group to help expand its emerging markets coverage.

The IFS Group will be the core of a standalone division operating as SANNE’s new emerging markets platform, from which it will support clients in India, Africa, and neighboring countries.

IFS Group provides fund and corporate administration services to corporates and alternative asset managers, and has a global, largely institutional client base of around 1,000. It has more than $82 billion in assets under administration, most of which is funded from the US and Cayman Islands.

The deal is valued at $127 million, and is expected to complete by the end of March 2017.

SANNE has already acquired two firms this year, as part of what was described as a “dual organic and acquisition growth strategy.” In March it bought South Africa-based IDS for an estimated $19.6 million, followed in October by New York-headquartered FLSV Fund Administration Services, a deal valued at $66 million.

SANNE currently employs a staff of 700 in global offices, and administers structures and funds that have in excess of £100 billion ($124 billion: €116 billion) of assets.