Sanne growth driven by FATCA, AIFMD

Jersey-headquartered fund administrator Sanne Group has reported increased revenues driven by private fund managers seeking to deal with increased compliance burdens, the firm said.

Revenues at the group grew by 38 percent year on year to £45.5 million ($64.2 million; €57.5 million) last year.

Dean Godwin, chief executive officer of Sanne, attributed the growth to increasing demand based on “more stringent controls and compliance processes being put in place in response to increasing transparency requirements”, referring specifically to the European Alternative Investment Fund Managers Directive (AIFMD) and the US Foreign Account Tax Compliant Act (FATCA).

Sanne recently acquired South African administration business IDS for an estimated £13.6 million. Sanne, which last year listed on the London Stock Exchange, provides administration services to managers across private debt, private real estate and private equity. It employs around 350 people worldwide and administers structures and funds that have more than €100 billion of assets.